08/08/2016 Live Update

[Trades with cats]

Oil minister for Venezuela calling for a pricing meeting supposedly triggered the news algos.

As they try to set up a good short squeeze they should be providing that failed test of the previous level that all the technical traders are looking for. Last week they moved two cargoes of gasoline out of New York harbor to get this thing started. Weekend news feed being played by OPEC members right out of last springs text book with the Russians doing their part. Next hurdle is the weekly inventory numbers but that has to be in control because the Genscape build number in the media today was totally ignored by the algos focus on OPEC meetings. I can't think that most of these hedge funds are long term oil players (record short) so I keep to my thought that the market makers think they have a bunch of greenhorns ready to be fleeced just before the refiners shut down and the market goes to down for the winter. The only thing missing is the AM reports of Dennis Gartman's pronouncements.

As they say, "rinse, wash and repeat".

[BullBear52x]

bear got a reversal day today, will it continue tomorrow? most likely.

[Cobra]

breakdown as expected. tinted area the 123 formation text book target. I'm not sure about any bear target.

[BullBear52x]

Oil minister for Venezuela calling for a pricing meeting supposedly triggered the news algos.

As they try to set up a good short squeeze they should be providing that failed test of the previous level that all the technical traders are looking for. Last week they moved two cargoes of gasoline out of New York harbor to get this thing started. Weekend news feed being played by OPEC members right out of last springs text book with the Russians doing their part. Next hurdle is the weekly inventory numbers but that has to be in control because the Genscape build number in the media today was totally ignored by the algos focus on OPEC meetings. I can't think that most of these hedge funds are long term oil players (record short) so I keep to my thought that the market makers think they have a bunch of greenhorns ready to be fleeced just before the refiners shut down and the market goes to down for the winter. The only thing missing is the AM reports of Dennis Gartman's pronouncements.

As they say, "rinse, wash and repeat".

USO chart wise, no man's land, short term bullish bias, 12is will be big fight.

[BullBear52x]

GLD

[BullBear52x]

The whole world are eyeing 61.8% retracement, captain obvious. short term is now crossed bearish, I will look to 5 DMA as a strong support from here. it's moving target so 61.8% area may be the meeting point of support.

[BullBear52x]

For now short term dip is putting up a show, but I will not count on this buy.

[MrMiyagi]

!!! POWER HOUR !!!

[fehro]

SPX .. cracks support… VIX subdue.. no new HOD

[Trades with cats]

Get your tickets ready for the 3:30 to 3:45 ramp express!

[fehro]

Get your tickets ready for the 3:30 to 3:45 ramp express!

it needs helps soon..

[Trades with cats]

Need another guy shovelling coal to get this train out of the station today!

[BullBear52x]

Another sell setup on clockworks.

[BullBear52x]

Chart for the road:another sign of about to turn but could this just be another bear porn? 74-76 area will be interest to trade,. Peace!

[Cobra]

members only update at 3:50 pm
http://www.cobrasmarketview.com/2016/08 ... ay-update/

[Cobra]

well, guess that's it for today. Tuesday tomorrow has been mixed. thank you guys, I'll see you tomorrow.

before the close, please take a little time to vote for me, thanks. https://stockcharts.com/public/1684859/tenpp