AUD/USD jumps
WTI crude oil is now up $1.73 or 4.4% to 41.65 as shorts everywhere get a bit nervous. The OPEC meeting is tomorrow and there haven't been any murmurs about a production cut but the market is understandably a bit rattled.
The US dollar may also not be as strong as believed after the ECB threw a wrench into things.
I think oil shorts are a compelling story but now is not the time to get in. Watch to see if crude holds below yesterday's high through today and tomorrow. If so, it's time to sell again.
When I look at the commodity currencies, the way the Australian dollar has rebounded is impressive.