How to play oil.....

Here are some ways to play oil. Options are available on all and the bid/ask spreads are not terrible.

XLE

USO

SLB

And the VIX closing in on 100 nearly touching the 423.6% fibonacci line. I hope you are writing options if you can because the premiums are unreal.....

Bear flag or bear trap?

Looking at a 60 min/60 day chart of the SPY one can see the trinangle trading range forming over the last couple of weeks. Normally, a pattern such as this is broken in the direction of the prevailing trend which is still bearish and thus could be termed a "bear flag". If this is the case a likely target for the S&P would be approximately 70.00.

If the triangle is broken counter-trend to the upside the important levels of resistance are the highs along the downward green trendline and then the 200 hour EMA

Here it is on a daily 3 month chart. Note the importance of the 20 day EMA...

The Dollar, Yen, & Euro

US dollar versus Yen
US dollar versus EURO

The greenback is getting stronger still.....Is this a good thing or bad? Should mean oil continues lower.

Oil, Agriculture, and the VIX

Crude is making a strong case for heading back to $65
While agriculture seems to have bottomed and begining to bounce - Here's the ETF - DBA

Here is arguably the best in breed - POT which appears to be finding support at the 23.6%fibonacci.
And finally the VIX which fell to the 20 day EMA. Tomorrow will be interesting if the bulls have a follow-through day this ema support will be broken...

In play for next weeks under-estimated earnings...

AAPL AMGN
BNI