We will definitly have to retest the $22.75 area unfortunately. Hopefully we hold support at $22.75 or it could even go lower than that, but the charts don't lie about these things unfortunatly, charts are bearish again, but we will definitely have to retest,then we will see if it heads lower or forms a double bottom then comes back with volume at about $22. In other news... U.S. Trade Deficit Reaches All-Time High Thursday December 15, 12:15 am ET By Martin Crutsinger, AP Economics Writer Surge in Oil Imports Helps Drive U.S. Trade Deficit to All-Time High in October
WASHINGTON (AP) -- A surge in oil imports and a flood of Chinese televisions, toys and computers helped to drive the U.S. trade deficit to an all-time high in October.
The Commerce Department reported Wednesday that the gap between what America sells overseas and what it imports rose by 4.4 percent to $68.9 billion, surpassing the record of $66 billion set in September.
The worse-than-expected October performance was blamed in part on the Gulf Coast hurricanes. They curtailed domestic production of oil, chemicals and plastics, forcing companies to turn to overseas suppliers.
Month after month, we see new record trade deficits that spell real trouble for the United States," said Sen. Byron Dorgan, D-N.D. "Behind these deficits are massive numbers of American jobs lost to foreign countries
"We just don't see how current U.S. strategy is going to reverse these very dangerous trends," said Alan Tonelson, a research fellow at the U.S. Business and Industry Council. The group represents mainly small U.S. manufacturing companies.