Chart Of The Day: Crude Oil... How Bearish Are You?

|
Includes: BNO, CRUD, DBO, DNO, DTO, DWTI, OIL, OLEM, OLO, SCO, SZO, TWTI, UCO, USL, USO, UWTI
by: The Atlas Investor

Chart 1: Sentiment has turned so negative on Oil, it's a repeat of Lehman

Crude Oil Sentiment

Source: SentimenTrader (edited by Short Side of Long)

At the end of November, I wrote an article called "Panic In Crude Oil Prices". I specifically stated that I didn't know when the bottom will be approached so "the most prudent thing to do is to just sit, wait and watch as the selling pressure exhausts itself". Well, I have been sitting, waiting and watching and the selling still keeps going. Today's Chart Of The Day shows just how negative sentiment has become on the black gold. This asset comes second to maybe only Japanese Yen, as the most hated by global investors. I will continue to sit and watch but I have to say, we must be getting very close now…

Original Post