Short EEM after H&S Neckline Reject

EEM is about to retest the neckline of the head and shoulders that it broke down from at approximately $31 a share. If you look at the mix of countries that make up this ETF, rising oil prices generally will not cause a price increase. The only worry is if the USD rolls over, as EEM and USDollar are inversely correlated.

Anyways, short here (or at 31 if you're picky for a few cents), stop loss at 31.80, price target 27.50