Here is my chart of the weekend:

CL just going nuts. My next area is around 105, basis July (June is front month for most traders right now). If this keeps exploding it may get there real soon. Pit closes in about 15 mins, and that usually stops the action dead (usually...), and then it picks back up after an hour or two. 105 is just calling to this, though, it seems.

'Risk on' looks weak here all of the sudden. Careful.

Originally posted by jarek

...it's either strongly up if it plays or strongly down if it fails....

Such a bearish 4PT only confirms this:

Showtime? Or more range chop? Watch this closely, in case they let it go.

That's the HOD area I'm watching.

Originally posted by jarek

Originally posted by jarek

...it's either strongly up if it plays or strongly down if it fails....

Such a bearish 4PT only confirms this:

Click image for original size

I just don't see this HOD area turning the ES down. I see a lot more upside coming. Today, tomorrow...

1390, plus or minus 5 is the range it may head to next, if upside is the plan. Too bad if it does it, I was really hoping for the 'set it up for QE3' by taking it down into summer play. But it seems like they want new highs, and right back up in crude, too. Just have to wait and see if they put in a lower high failure or not. One way is an ABCD where a lesser up move here is the CD leg. But I tired years ago of trying to call bearish 'W2's' for new highs...

Crude approaching an important area:

Now that was an interesting reaction to the HOD to the tick. Very, very curious.

there is one possible bearish read on this if the high holds, put that one set on the gap and price stopped at the .50 and the .685 - .768

And now Druckenmiller joins Gross and Grantham. Maybe it just took one person (Gross) to say out loud the Emperor has no clothes? At some point the bond vigilantes will overwhelm the Fed. Maybe not yet, but some day...

http://www.zerohedge.com/article/druckenmiller-calls-out-treasury-ponzi-scheme-its-not-free-market-its-not-clean-market-ident