11/02/2016 Live Update

[Daniel]

IWM is the closest to testing the multi-day low. Other majors holding above.

This, at a time when short term seasonality says it should be a strong week for smallcaps.

Perhaps election jitters; perhaps the multiyear bull is simply "long in the tooth"--meaning venerable and aged.

[MrMiyagi]

NYMO dropped to day low -61.94 on Crude inventory build report.

[BullBear52x]

Going nowhere. I am sitting out for now, don't like boring sideways

[Out of Bounds]

I'm long 2097 for a scalp.

Minor trade, no clear signals so I'm just trading the noise. By that I mean I'm just trying to catch a blip up.

[fehro]

/ES D/60m .. triangle/bear flag fwiw.

[BullBear52x]

will hop back on bull train above 2100 one more time.

[Daniel]

Going nowhere. I am sitting out for now, don't like boring sideways

What could possibly be boring on a day when the Regional Banks are quivering with terror, and the homebuilders are still green?

What might this imply? Regional banks do much of their loan business in the construction and housing industry... Many days, KRE and ITB/XHB show a mild pos correlation. Not today!

Often, on a "wait and see" kind of day, the sector movements under the surface give hints of budding trends.

[fehro]

It's only Wed … weeklies.. Yellen's gotta a lot of work to do to make those bullish.. USO on the edge of a big cliff.

[Trades with cats]

The really fascinating thing about crude oil is it is always the same story. Rumors and guessing about the future take price to an extreme and then sooner or later the seasonal cycle and the weekly data either support or crush the current narrative. I think the theme song is the one from My Fair Lady where Eliza sings to her boyfriend "show me".

[Out of Bounds]

I'm long 2097 for a scalp.

Minor trade, no clear signals so I'm just trading the noise. By that I mean I'm just trying to catch a blip up.

2101.25 and I'm out.

See y'all tomorrow. I going to go grab a long lunch with crazy people.

[BullBear52x]

hope for the next clockworks sell to fail before bulls can enjoy the day.

[fehro]

SPX

[Daniel]

I'm long 2097 for a scalp. --2101.25 and I'm out. See y'all tomorrow. I going to go grab a long lunch with crazy people.

"..I going to go grab?" This sounds like you've already begun to switch over to crazy people lingo. Enjoy the lunch, and thanks for the above alert.

Right about then is when AAPL began leading the upside charge, esp in the QQQ... a move which currently looks to be fizzling out.

[Daniel]

On a very macro level, junk bond ETFs have been underperforming their mutual fund counterparts.

On a smoothed-out basis, this often gives lead time. Day to day they trade on emotion quite a bit, but smoothing moving averages show that ETFs like HYG and JNK represent "hot money" and therefore react more quickly.

This underperf implies econo-weakness.

[fehro]

some charts fwiw… http://www.zerohedge.com/news/2016-11-0 ... r-history?

...DOE piled on by confirming a 14.42mm barrel build - the biggest in the 34 year history….

[BullBear52x]

bull flag.

[fehro]

SPX .. IWM weak, nLOD nLOW

[Trades with cats]

fehro, if you want to know how they manipulated today's oil inventory just take five for an explination.


https://www.youtube.com/watch?v=4hKtd-0 ... youtu.be&a

[Cobra]

members only update at 12:10 pm
http://www.cobrasmarketview.com/2016/11 ... ay-update/

[Trades with cats]

That 5 million barrel build is 3 ships pulling into the loop and or Houston ship channel that were sitting in the gulf waiting to unload. Remember Glencore did the opposite this spring holding Brent in tankers while several platforms went off line for repairs.

Long trade had gotten crowded with hedge funds. Every time everybody gets on the same side of the boat the big boys make some easy money.