Key events, in time order
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The user suggests avoiding commodities like $SCO due to expected technical corrections after reaching upper cloud resistance and potential local tops in related indices.
Main discussion
$USO #WTI tagged the upper cloud and rejected — a move we’ve been expecting since early August. The Bloomberg Commodity Index $BCOM also appears to have put in a local top. I would stay away from commodities here and allow the expected technical correction to play out. Long term,
$SCO levels https://t.co/zK4rZYg5td
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