liljohn:You are right, short covering before meeting, thenwhen saudi's don't cut--remember they have set it up so something has to be done to maintain price---which of course is BS--but they create and control the narrative---anyway the meeting is over--they will preceive upside risk is minor, and they will throw big bucks into shorting it back down through the floorboards. Needless to say, anything can happen, but it you read my 50 something posts you will see how I called the last two 10 dollar downmoves, simpley by listening to the narrative and watching weakness in the XOP when their was fantastic bullish news for the oil market itself. Always watch that divergence.