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Oil's Fall Looks Far From Done

By Alan Farley

About this article:
When I was doing my technical homework on crude oil back in September, it seemed obvious the futures contract would break $100, shake out a few stops and then jump back above that magic number. To me, that would mark the first in a wave of signals that crude had finally bottomed out and was ready to march higher in a strong recovery. If real life hadn't interrupted my bullish thesis, I'm sure we'd be looking at $110 to $120 on the contract right now and more worried about inflation than the next Great Depression. However, the credit freeze has changed everything, including the macro cycle that lifted all types of commodities off multiyear lows and into historic highs. The commodity bull market is now clearly broken, and there's little chance we'll see the lofty price levels posted just a few months ago for the rest...

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