CL Redux

seems two paths here for next 1 hour
A) double top to 104.80 then reversal
B) reversal from 104.50

Quote from InvestVision:

Today price action resembling yesterday's
We may have retest of 103.50 , but it will test patience to hold draw downs
More...
 
http://www.bloomberg.com/news/2011-...st-level-in-week-on-libyan-rebel-advance.html

“The market’s just kind of trading sideways waiting for some other piece of information, either news that the economy is worse or is going to get better or some other shoe to drop on the production side, such as will some other country become involved,” said Adam Sieminski, chief energy economist at Deutsche Bank in Washington.

“The biggest thing is Libya,” said Michael Lynch, president of Strategic Energy & Economic Research in Winchester, Massachusetts. “When the rebels go west, the price goes down, and when the rebels go east, the price goes up.

There’s also a little bit of concern about Japan and whether we’re going to see longer-term economic damage from radiation contamination.”


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Libya Can Tap $7 Billion in Gold Reserves for War: Chart of the Day
http://www.bloomberg.com/news/2011-...n-gold-reserves-for-war-chart-of-the-day.html

“He has all that gold? It’s probably in the central bank of Libya,” said Faraj Najem, a London-based Libyan writer and historian. “He has plenty of cash and if he’s got gold, it’s even better since he can pay mercenaries in a commodity that is easily exchangeable.”

The North African nation is sitting on 143.8 metric tons of gold at a time the price of the precious metal has fluctuated near a record high of $1,448.60 an ounce. Libya is the fourth- biggest holder of gold in the Middle East and Africa.
 
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