If earnings suck like this week oil will get hit bigtime. Many companies announce next week. Late selling of bull stocks today could forshadow next week. The malls and stores are pretty dead in the northwest us. People have definitely pulled back here with about 22% unemployment. Having come from Houston I do know the economy is better there. but as marketwatch has on oil late today, there is no foreseeable demand for oil in the future and at these prices the alternative energy products look wonderful. It should be noted that Russia will not lower production to keep prices higher for the arab countries. this is some of the reasons I feel good about DTO but it certainly could hit 80 on Monday or Tue which would put more pressure on the fed or fed talk/asia.
It is not difficult for DTO to go below $60, but it is very likely that will get back to $70 if the Wednesday inventory report show more oil reserves and the dollar does not go further down. So-so earnings might help DTO also. I would not be worry for people that entered DTO below 70, and there is a chance for a reversal to make $$$.