Crude’s impulsive rally is stronger than bullion’s, but it is also more obviously fraudulent, since it is inconceivable that whatever was decided in Europe last week will stimulate the global economy sufficiently to drive up energy consumption. This is therefore a squeeze well worth shorting, and I’ll recommend doing so via camouflage at p and D rally targets on the hourly chart. It shouldn’t take long — perhaps two more days at most — for the hoax to subside, since it is quite transparent even to the poor schmucks who are short it. In any case, we’ll give it another day to develop. _____ UPDATE (1:10 p.m. EDT): The phony rally didn’t even last a second day. Crude has been down by nearly $3 today at the lows, demonstrating how difficult it could be for us to short into “strength”. _______ UPDATE (July 3, 3:12 a.m. EDT): The hourly chart wants us to get long now — or at least not to resist the trend, which has turned short-term bullish again. At this hour, a camo set-up on the hourly chart was playing out thus: A=83.33 at 8 p.m. July 2 EDT; B=84.63 at 1 a.m. July 3; and tentative C=84.03 at around 3:12 a.m.
