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the pullback likely would be bought, probably around here.
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Market is in Red and VIX is down big...something is not right...Market should bounce solid during the day...we going to see 2500 soon! No reason to believe that this market is going down anytime soon...BULL runs continue till next year now...
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maybe the low was in for today or just one more small dip left.
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some chances this is a pullback from range high to range low (assume day low for now), some chances...
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So next OPEC move has to be to convince investors the bottom is in. Thus a propaganda puff piece from Bloomberg this morning in which they said:
1. Sell off was purely technical caused by oil dropping below the 200 day moving average which was also a Fib confluence implying the basic narrative that cuts will work eventually is still intact
2. Claimed that Hedge Funds all got out of the trade before the Thursday flash crash and are in a great position to get back in. (Kemps chart I just posted doesn't exactly show that).
3. OPEC is all in favor of extending the cuts which are working and will bring higher prices. ( Market is now in normal backwardation but some are claiming that another 2 million metric barrels a day need to go away to reach balance, citing US inventory as exhibit 1, US production and number of rigs drilling as exhibit 2 and inability of OPEC members outside of the arabian gulf to cut any production as exhibit 3)
So I expect we will be barraged with media pieces calling on the true believers to get back in the trade. I remember that July is the end of the big draw season and it is coming up pretty fast, so we will see.