Over the weekend I had an interesting conversation with a local trader. We typically meet a few times a year to share our market outlooks, new trading tools and techniques, and usually finish our session off in a debate about the US market manipulation and how to trade around it.

Crude oil [April contract] posted an inside day with a higher close on Tuesday as it extends the trading range of the past two weeks. The high range close sets the stage for a steady to higher opening on Wednesday. Stochastics and the RSI remain neutral to bearish hinting that a short term top might......

Only our longer term monthly Trade Triangle for crude oil remains positive on this market. The move today below the $98 support level puts this market in jeopardy of further weakness. A close below the $93.50 level seen on December 18th would confirm a double top pivot point formation, which would measure down to the $84 a barrel level.

Back in August with Gold running to parabolic wave 3 sentiment induced highs, I warned of a major top and multi month correction. We all know that the fundamentals for the shiny metal are stronger than ever, but you must keep in mind that the market prices all that in well l in advance.