It all looked so rosy just a few short hours ago. WTI crude has slipped from over $58.50 (once again testing that upper band of resistance) to back below $56 and down almost 2% from Friday's close (not stabilizing). While the S&P and Dow (futures) remain green, the Nasdaq has tumbled into the red on the heels of Gilead's weakness (the 6th largest name in the Nasdaq 100).
WTI crude breaks below $56...
[6]
BofA thinks the weakness will continue...
HFs [specs] bought Crude contracts at the strongest weekly pace in June 2014 since the selloff in crude started. However, this was only the fifth week of buying in past 25 weeks.
[7]
Technical analysis indicates thatfor now strength of downtrend suggests remaining bearish.
MAA also suggests trend remains bearish.
And Gilead... (down 11%)
[8]
Is dragging Nasdaq lower...
[9]
As the S&P and oil remain decoupled...
[10]
