OIL’s C.O.T. – The shorts by ‘Smart Money’ increased again.They are determined to ride a drop in Oil prices, although Oil has been bullish in recent weeks.

WTIC DEC 29th – Oil did tag the $60. In the past I mentioned that it could tag prior highs shown here near $62 – this was last week’s weekend chart.

WTIC – Oil tagged the $62.21 and closed down at $61.44 this week. It is Due cycle timing wise for a dip now. The COT agrees. This looks VERY bullish if it breaks out, so I would say that if we get our dip – it is a strong buy when the lows are finally in place.