Oil: Next Stop $115-117, Euro To $1.61-1.62...

With Oil forming a perfect double bottom at $100 on the charts, and now taking out our previous high of ~$111 it is setting up for a ferocious double top breakout here which should take it to the $115-117 level. The commodity continues to look like a raging bull, bouncing off all expected support levels, and continuing to bust through major resistance levels one after another. We reiterate that funds from around the globe are finding it absolutely necessary to get long the commodity as an inflation hedge. The fundamental backdrop remains firmly intact with the dollar continuing to make new lows and we expect the euro to clear its $1.59 high shortly and head to the $1.61-1.62 level near term. This move should add further fuel to the commodity move. Remain long Oil, long Euro, short Equities near term.