Tomorrow is expirations day and as such I will be taking the day off. Here are a couple of charts to check out if oil continues to break down. If commodities are indeed peaking for now, it could signal that the economy is in for a downturn. In that scenario, industrial and commodity type stocks could be headed for major trouble.
EOG looks like it has already peaked and is back below the neckline of a large head and shoulders.
I need to give credit for EOG to Trader Tim who mentioned it tonight.
Here is a closer look using candles.
VLO may also be topping here after making a lower high.
Trade carefully as tomorrow could be a choppy rangebound day.
DT
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