No So Invincible

While crude oil pushes higher, and now even energy stocks are flipping green, Russia is lagging those assets to which it is typically correlated.

On the updated country ETF daily chart for Russia, below, note the threat of a breakdown from the highlighted wedge. 

For a while now, Russia, crude, and energy stocks have been tough to swing trade given their propensity to seemingly alternate gaps higher or lower on a daily basis, consistent with a working thesis for a sloppy sideways range.

But if RSX loses this $16.90 area, coinciding with the 20-day moving average, a case can be made for a RUSS trade to short it, especially if the oil rally runs out of steam this week.