Perhaps it will back off some as the oIL stocks spiked up for a few days and will come back down to earth soon enough. Here is a chart of the Continuous Crude chart relative to the U.S.$ as DX is the key to things from this point on I think. DX reminds me of pulling back a sling shot. I would not be the least bit surprised to see DX gap up and blow the socks off of everything. Notice the lack of Euro talk lately. That wont last........

But my concern with Crude relative to the U.S$ that it is priced in is see how price has cleared the late 2009 and 2010 highs resistance and held above that breakout pt consistently since early Dec. That tends to be a major breakout when seen. Price is now using that old high resistance area as support now instead of previous resistance. I think this chart is more valid than the other being it is relative to DX.