Oil and gasoline break out to target new rally highs, but be careful at $80

Aside from GOOG, oil is today's big story as it broke out. Fortunately I'd posted about its bullish posture recently here, include reference to Tony Caldaro's wave count showing it going up for a third-wave movement. So I hope my readers were able to be with this. The move shouldn't be over yet, and there should be more follow-through. Remember also that GS had targeted $85/90 for oil. It just took a long tine to work through the consolidation. BUT - one hurdle ahead us the monthly Bollinger Band midline, now at $80. So if you're just hopping on, consider scalping; if already long, consider tightening stop to factor in either a daily swing or an hourly chart reversal pattern if there's turbulence around $80.