Greetings again, Everyone!
We have had some time to “digest” a significant portion of Bernanke’s Testimony on The Hill, as well as today’ EIA Crude Inventory Builds and we see our Crude/Equities/Euro Correlations functioning well from an IntraDay View.
While in the “Trasditional” sense, The Fiber’s Correlation with Gold is always significant… we often see Oil playing a solid Role here as well due primarily to the Euro moving “loosely but generally” In Tandem with the NYMEX WTI Continuous Contract ( The West Texas Intermediate Futures).
The Rationale behind this is rather extensive to get into, but for the sake of my point… we can use the Classic “Inversion” of Strong Oil and Gold equalling A Weak Dollar… since both Commodities are bought and sold in Dollars.
This translates for us with a Rising EUR/USD correlating very highly with a Rising Oil Price… since both are seeing a Weakening Dollar.
Relative Performance so far today with The Dollar sees Crude off about 0.30 %, while the Euro is up about 0.10%.
OK… all of you know me very well by now and if I do not stop… I will start going into my “CVJ’s Bag of Analogies”, and ramble for days…so let’s move on to The Captures! 
Here we have The Hourly Views of both Units, where we can see how tightly Price is correlating on the IntraDay Basis… literally right down to The Wicks and “Directionality” of Support and Resistance Levels.
Give The Captures a Click, as always… and Post-Time is 18:30 GMT.
Of course… time for one of my “Rhetorical” Questions!
“Is this a Euro and Crude Move here?… or are we seeing The Dollar driving these two Ships…”
I have my Views… but what are yours?… Please feel free to Comment, as always!
As always, more Updates to come… so please join me after The NYSE Close, and we can check on those larger Equity and Index Correlations as well!
