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Crude Oil ~ Daily
We received quite a bit of blowback last month when we suggested $72.00 oil was probable. Now that we are here, we are going to throw out the $66.00 level. The selling has been too fast (seasonals don't turn for another 2 to 3 weeks), too far ($72.00 was on our Bingo card, but not others...margin calls are likely), and too fast (the pace of the selling will encourage panic selling).