• Hedgeye Investing Summit: A Special HedgeyeTV Webcast Event

    The sharpest minds in investing discuss the most important market and economic developments and their investing implications. Join Hedgeye CEO Keith McCullough and our special guests live from October 14-16.

This is THE chart with the sensitive inverse relationship to my last note (rising US interest rates and the US Dollar). Crude Oil is in a bearish "Trade" position under the $127.20 line, and a bullish one above that.

If Bernanke raises rates he can break the back of the futures market, which continues to flag contango in expected prices. I don't see any credible support for crude oil until $102.65. C'mon big Ben, let's get on with it!

KM

(chart courtesy of stockcharts.com)