PRE MARKETS

So one of the most influential guys in the world of crude speaks on CNBC and says he nailed the rising price of oil claiming for at least 6 months that the price would exceed $100 per barrel.

Now, he expects the price to fall to $85 or so and then go back up to well over $120. Oh, and did I mention he is short crude? Nice to be able to do that.

Crude did fall on Boone's comments yesterday but I suspect calling the pull back here may not be so profitable as it probably should be lower based on his market moving comments - and down about 20 Cents this morning.

And what does Boone own- How about VLO SU XOM OXY DNR SLB CVX and CLNE. Not sure what kind of a trade Boone is, but if he expecting a 15% drop in the price of crude, its not gonna help those longs.

Believe it or not, markets are set to reverse yet again this morning as the futures indicate about a half % gain on most major market indexes.

Dick Arms looking for a move higher:

"The Arms Index numbers on the five-day and 10-day moving averages are very neutral, but the 21-day, which gives us longer-term projections, remains oversold. So the implication is that the current ambivalence will lead to an advance. Two days ago, I suggested putting on some long positions for a rally of more lasting proportions than we have seen recently. The two trading days since then largely offset one another. I would hold longs in here."

RSI (2) levels at yesterdays clos:

SPX 26

DJIA 25

NAZ 26

NDX 31

RUT 23

MID 34

Bottom line- don't get to bullish higher or to bearish lower for now as the trading range rules.