After a volatile week, New York ended higher Friday, closing above 11,496. This confirms our weekly forecast for an up week, although I clearly underestimated the extent of the rally. I don't think there are solid foundations here, so rallies will likely not go too far. The 30-day outlook still has considerable downside risk. I'll post more on Sunday.
As predicted, Mercury's further drift into Gemini correlated with crude breaking through $132 support this week and closed under $130. Mars was also in an unhelpful position with respect to natal Jupiter. With some hard progressed aspects forming in the coming days, the 30-day outlook looks precarious for oil. It will be prone to sharp declines below $120, and we may possibly see $110 again. While I had previously thought oil would recover in August, I think the rebound may be pushed back to September and October.
