It looks like we may be closer to a commodity rollover, including Oil, than many have been predicting. All the big AG stocks took big hits today and we will be looking at possible short entries in a few of these.
The best candidates presently look like POT, AGU and MOS. Those have been holding up a bit better than some of the others so far and a break downward may be nearing.
We are also looking for a reversal in Oil sometime soon, especially with refiners getting hammered and inventories rising. USO actually made a 52-Week High today, but on unimpressive volume as short sellers began covering positions late in the day. Look for a break below $110, and then below $105 on big volume, which could trigger the long overdue correction in these out-of-control Oil prices.
Everything else is just ugly as the VIX continues to rise but nothing near any panic selling yet.
