Technical Read: Prices are advancing off the closing low of June 2 and the bullish model portfolio change (June 5). Previous oversold market provided support for the bulls. Trading action on June 15 was disappointing but not a trend change yet.

What is happening now? Problems in Iraq are providing most of the buzz though there are questions as to just how much of an oil disruption is ahead. To people who lived through the Vietnam era, the rapid advances of the “ISIS” group rings a bitter bell of remembrance of how quickly South Vietnamese forces caved in the face of the last North Vietnamese big push. Anyway, the news backdrop is supportive.