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Takeaway: The reality of #Quad4 deflation is sinking in.

Well, that was quick. Oil had a brief, one-day bounce and then went straight back down again. 

Oil Finally Catches a Bid! (Okay, Maybe Not) - chart 2

It’s down -14% over the last month and currently down -1.50% to $77.50 today. Right now, the reality of #Quad4 deflation is sinking into the fragile psyche of those who‘ve been net long of oil carry trading since The Bernanke introduced it in 2008. The times, they are a-changin’...

The intermediate-term risk range is now $64-84.