Indices approach the 50 day MA and then fall apart…that is our prediction. We advised clients to exit all longs in oil today. Inside day and we expect prices to back off…on a $3-5 set back we would re-establish longs. The 9 and 20 day MA’s should serve as solid support; those levels in July come in at $74.80 and $73.25 respectively. The correction in natural gas only lasted one day with prices rebounding today. [More...]