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Oil's First Leg Down
Oil has hit a Demarc high and today is sort of its first leg down. Is it going to be a first leg down in a much longer pattern, obviously very hard to tell or is it once a Demarc pattern breaks, can it return to its longer form trend? One thing that's been interesting on this bounce is that the most shorted baskets well actually month to date, actually rolling month down 2.6%. So shorts have actually won.