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Editor's Note: Below is a brief excerpt and chart from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more.

"... Where to from here?

 

  1. USD - continues to signal bullish TREND inasmuch the Euro and Pound are signaling bearish TREND vs. USD
  2. SUPPLY – tell me a story that isn’t, in rate of change terms, showing a rising probability of rising supply in Q3/Q4
  3. DEMAND – did it ever matter? If it does, US Consumption is currently lapping its peak comp (on a 2yr basis) in Q3

 

I know. I’m not an Oil man. But those are the Top 3 reasons why I’m not long Oil right now. Most “asset classes” that sustain volatility levels > 30 aren’t my cup of tea (I drink coffee). Oil Volatility (OVX) is breaking out > 45 this morning. That’s scary."

CHART OF THE DAY | Oil: Where To From Here? - 08.02.16 el chart