A look at the charts shows that WTIC, at this time, has a confluence of trendline supports concentrated at or near $135.  Consequently we are getting a short term bounce from $135.00.  The support lines have different angles, so as time goes on the confluence will weaken and possibly fail one at a time. This could take a few weeks or a month to unravel but support seems to be weakening for oil.

   Meanwhile the daily chart for the CRB index has formed the left shoulder of a potential head and shoulder pattern over the past few months.  The past two days of declines may have formed the right side of the head.  IF the pattern continues to develop, it is probably signaling the beginning of a bear in commodities.  The pattern has a lot of developing to do before it becomes meaningful, but it seems to be worth watching.

The futures market says we get another gap down in stocks this morning. 

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