11/22/2016 Live Update

[fehro]

nada on da H&S.. triangle possible .. oil pushes us higher

[BullBear52x]

Chart for the road: negative momentum. got to have a good conversation at Thanks giving dinner, if down market before Thanks giving, man oh man....forget recession we go right into depression. politically not financially Peace!

[fehro]

SPX triangle.. for holiday chop trading tomorrow/Friday.. but as BullBear has been saying SPX daily.. hanging man of sorts.. / evening star "could" be a toppy candle

[Trades with cats]

yea OPEC declare their meeting a success. Hope that has staying power to get us through the inventory report tomorrow. November 30 is when the Vienna deal is supposed to be finalized, so expect more jaw bone triggered algo action until then at least.

In the real world it appears they are talking a 1 million cut from their estimated 33 million production. Problem I see is Iran claims they are ramping from 3 to 4 million, and Iraq claims they are just plain ramping to pay for the war. US shale can ramp steadily, as it has been, if OPEC cuts get oil back to over 50 as Goldman foresees. So at this point two questions. How much of a cut will stabilize prices and will OPEC actually show discipline.

My guess is that the Saudi production takes a big hit to ramp prices next spring as world demand picks up. Then they do the Aramco IPO coming up with a boat load of cash. Then they are free to punish the cheaters on the agreement by once again flooding the market, or at least threatening to. We will see.

[ALdaytrade]

now is it safe to say this time bears may have 2nd leg?

It never is when I say it.

OOB, do you have an exit target in mind? Thanks!

I have a 2178 target for $SPX. Then it will be up time again, for seasonal bull for Thanksgiving? (Please note question mark!)

Hopefully, here we go with the H&S on the 15 minute, new target is 2185...

Of course this did not work out! Too close to bullish seasonality for Thanksgiving. You would think I would know better by now...

[JFR]

Back to the top. Back to the open. Lots of action.

Signing off. Time for food and drink.

[Cobra]

members only update at 3:52 pm
http://www.cobrasmarketview.com/2016/11 ... ay-update/

[Cobra]

well, guess that's it for today. Wednesday tomorrow has been bull friendly recently. 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