Slippery When Wet

While the market drifts into the afternoon, crude oil is confirming suspicions that the recent breakout was slippery. 

On the updated daily chart for the USO, crude oil ETF, note price gapping down out of the highlighted pennant (purple lines). And now crude is back down below the breakout level dating back several months. In addition, energy stocks have been notably weak of late. 

As for equities, NFLX is putting in a small doji today, denoting mild indecision after a sharp uptrend. We should be watching that name closely for momentum clues going forward. And WMT is doubling the recent trouble in retail-related stocks of late on top of the URBN earnings blow-up today.