WTIC, daily
WTIC, weekly
Summary
The current blue candle on the weekly chart is marginally interesting, but we're still holding above the rising trend/support from the February low.
Oil bears need to see a weekly/monthly close under the $40 threshold to have any initial confidence that the low 30s or even a return to test the $26 low is possible this summer.
Considering the over-supply issue, I'm still of the view that WTIC oil in the teens would make for a far more natural capitulation for the energy industry.
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Market/Gold chatter from Schiff
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Looking ahead
Thursday will see the usual weekly jobless claims.
*Fed official Bullard - the bane of the equity bears (remember Oct'2014?), is due to speak in late morning.
In AH, a quartet of fed presidents are at a conf' in Stanford.
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Goodnight from London