We finally got the decision from OPEC that they WON'T be cutting production to prop up falling oil prices. As a result oil prices tumble to 70.

Crude 10 day chart: Down 4% and the question is if it will hold the trend bottom support line drawn. If it doesn't then it can go lower.

Markets don't yet seem to be phased by it but tomorrow may be a different story. Often recently markets rallied and fell with Oil prices. The question now is how many traders really expected action from Opec today. This is crucial to gauge the level of disappointment tomorrow in the markets price action.

Upside? Below is a 1 year chart of crude prices. I can't help but think that this giant price break will result in more money in consumers' pockets. So holiday spending should be strong. Like I said earlier this month that the well run retail companies should do well and may surprise to the upside. Especially those who corrected and/or may have lowered expectations for the next quarter.

Here is a decent BBC article.