EIA showed glut dollar weak

There is not a lot of good news out there for Oil -the market is shaky dollar is weak and EIA showed more oil in supply    47.45  too bad we covered last night's  overnight short
If it is not a loss you cant be mad though- we did warn this scenario might unfold we are down almost 7 points from recent double top at 54.25  so as crazy as it sounds we are kind of thinking we may get a reversal- This GM news is not good these guys in charge do not know what they are doing  but there has been so much bad news we are kind of getting immune to it. I personally think we are forming a bottom rather than this being a bear market rally- as the market is roughly a nine month forward looking indicator
stress tests come back strong and they very well may oil may simply shake off the endless stream of bad news because of the alleged bigger picture.  Please if you try to pick a bottom use a stop i have a bad cold and we are up so much here I am gonna wait