/CL or the market in general got lots to do with dollar. /DX try to break out (UUP 50 DMA resistance atm.) if it can breakout down we go on oil and the market but doesn't look like it will right now, /DX is hanging on two days support level, if it failed here, at 101.2 I think market will continue up.
either ways, my game plan is buy the dollar and short every thing else or vise versa.
My comments are for entertainment/educational purpose only. NOT a trade advice.
Gotta love the drama in crude oil right now. Clearly the funds saw enough daylight to hold in the face of record high inventory numbers. With Saudi working on the very largest IPO in the history of the planet they do have motivation to do what ever it takes. The question will be tested soon as US shale ramps to the sky.
$INDU is almost 3 standard deviations above its 50ma
That’s unusually overextended for the dow, and it’s ripe for mean reversion
Note the last time it “reverted” from 3 std-dev, it went sideways for a couple days and then resumed up again. (That was in the immediate aftermath of the election).
Disclaimer: I am not an investment advisor. This is just my opinion NOT investment advice.
Media saying morning run up due to the President changing his descriptor for the yet to be introduced tax cut. Media also saying Oil is to OPEC Cuts as Dow is to Trump tax cuts, a big move based on faith.
Oil algos are winning, four straight ramps on hugely negative inventory numbers. Tax cut algos have only ramped twice so far.
Clearly the money in oil has been in selling the API then going long when EIA report comes out. Real question is are they just conditioning retail to be bag holders? Or is this the big boys minting easy money.
Good ellipse resistance at today's SPX high 2344 (It's 11:35 a.m.) but SPX has shown very little respect for traditional/established TA and might surge higher. Index behaviour reminds me of some guy in D.C. Doesn't give a damn ,,,
pullback too sharp maybe another small leg down before the real rebound?
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