Oil U.S. Light Sweet Crude ($62.87)

I started talking about $60 as an important support area for Oil back in September, and since then I have described Oil as hanging on by its teeth in the $60 area.

On November 19th I reluctantly stepped to the sidelines out of concern for the need to eventually complete a short term correction in an intermediate term uptrend. We are still attempting to climb a short term "B" wave.

MY DILEMMA: I see senior oil producer shares as the only group that is anywhere near the support side of its intermediate term uptrend, while most other groups appear to be slowly rolling past short term tops. (Most groups are in intermediate term uptrends, just like oil.)

MY SOLUTION: I have recently said I would park funds in senior oils while awaiting the short term general market cool down.