CL tests multiweek highs

CL did test the lower quarter of 51 handle this past Monday.  At the same time, XOP did not confirm new local lows killing the short-term downside momentum, and the crack spread has widened out to multiweek highs.  Additionally, equites are very overheated and look to putting in a blow off top in the coming days next week.  This risk-on momentum buoyed WTI this week.  I don't expect this retest of the local highs in mid 55s to last, and as soon as equities top out, CL will resume its nasty rollover.  I view this move a test of previous highs in a longer-term topping formation.