Oil down $1.26
Is it a surprise that everything that did well in January is reversing into month end?
A bit of profit-taking after some huge moves isn't much to get worried about.
That said, everything has run too far, too fast over the past couple months so there's a risk of a harsh correction and even some month-end selling could be the tipping point.
Technically, oil has broken a minor uptrend that started in mid-December so this could be the start of a retracement phase. It's tough to get off the euphoria-train in any market right now because it's been a spectacular run. So it might be best to try to ride this out but if the selling continues into February, it will be time for some defense.
