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The light sweet crude market had a slightly bullish day for most of the session, but gave back gains as it approached the $95 handle. This level was an area that we suggested could offer some type or resistance, and it does appear that it has. However, this looks much like a minor area, and not a major one. Is because of this that we feel there should be some value in the oil markets in the near term.
Perhaps a move down to the $88 level is in order so that we can pick up more buyers. Obviously, a break above the $95 level has us chasing this market to the $100 handle as it should offer serious resistance at that point. Nonetheless, we need to see the pullback was supportive action in order to buy at this point in time or a breakout above.