Oil and gasoline futures in a trading range

Oil and gasoline futures have been in a trading range for the past two weeks, bouncing up and down, unsure whether to bounce back up towards the mid-$60's or dive towards and below the mid-$50's. This range trading could continue for quite some time, and may include some dramatic corrective spikes up and down before the trend continues downwards.

The bulk of the speculative commodities frenzy is probably now behind us, but there are still plenty of diehard commodity bulls who will try to push the market higher whenever they sense that selling peters out on a short-term basis as it inevitably does.

-- Jack Krupansky