February crude oil:
1. Since mid Dec. 2014 (with prices at approximately $56.00) our February crude oil outlook has been that crude oil should not be bought because an additional decline and test/attempt at $48.00 remained very likely.
2. Today, Tuesday, January 6, 2015 crude oil made a session low of $48.47, completing the $48.00 downside target. This is an important downside completion and how the market handles this level remains important. No new action is being taken at this point. Will update.