The oil market dealt a crushing defeat to the bulls the week of 1.5.2007, and our models continue to point lower for the entire energy complex. The trend looks likely to persist with little in the way of price support from either the supply side and disruptions, or demand given current economic softness.  $45 to $47.50 should provide near term support for the crude complex.

*Note:  gains and losses are per single Nymex futures contract with a cash value of roughly US $67,000 for the crude futures contract.

	Long Short	Enter	Current	Stop	Risk	Net 1.8.07	Trend
NYMEX Crude	Short	67.00	56.90	65.00		$10,100
Heating Oil	N/A
Unleaded Gas	N/A

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