Nymex crude oil drops to 18.5-yr. low; no early clues market has hit bottom

The Nymex crude oil futures market Friday hit a fresh 18.5-year low just above $18.00 a barrel. In early January prices traded above $64.00. Prices are in a steep downtrend and there are no solid, early chart clues that prices are close to bottoming out. Importantly, raw commodity sector leader crude oil’s price plunge is also a heavy, bearish anchor on most of the commodity futures markets.–Stay tuned! Jim