Here are some charts you should keep your eye on. Crude oil sold off hard yesterday and looks to be continuing the down-move this morning.
Now let’s take a bigger-picture look at a chart of crude oil. 
The 20-day moving average is about to cross below the 50-day moving average, a visual representation of the fact that shorter-term momentum is failing. There is so much speculative money floating around in the markets right now — banks playing futures with TARP money that they refuse to loan to main-street customers — that we could see a “whoosh” lower if this thing breaks.
It doesn’t have to break, of course. It could recover here. But if we get a pullback, it could be a great opportunity to load up, because the longer-term outlook for oil and other commodities continues to remain very bullish.
That’s it for today. I’m off to Toronto, where I’ll be attending and addressing the Toronto Resource Investment Conference in Toronto, Canada on September 26 & 27. If you’re attending, please stop by and say hi.
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