Crude Oil Topping

The crude oil market has been a useful indicator of speculation in risky assets.  It peaked with the equity markets in mid January as the large speculators were getting most bullish and the commercials were getting most bearish.  Well, that is happening again.  Large speculators are almost back to mid January bullish levels.  Small speculators are also getting more bullish while the commercials are getting net short.  This is not an exact timing tool, but it tells you which way traders are leaning. 

Futures are flat, I am expecting an uneventful day with a slightly upward bias, it will be tough to get much above 1165.  1165 is probably a good point to start shorting.