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ES at 20day ADR high 2514.75. On Wednesday, the Straw Man Tax Plan day it got 5 points above the ADR high but closed at it. I have seen that as typical on strong move days in both directions. But on Straw Man day it powered through on the way up, today it is crawling, or as Cobra correctly (as usual) said small legs.
Crude Oil It is really hard to be dripping sarcasm on the internet, so I won't. Baker Hughes rig count shows the biggest increase in several months.
Several years ago the experts made the point that shale oil was like a giant storage tank that could be opened and closed at will, relative to the time involved with conventional oil. They said this new large supply of oil that could be quickly brought into play and just as quickly drop (those wells gush for a year then really slow down) would change the dynamics of the crude market. After I had watched what shale gas did to the income on my wife's conventional natural gas wells I was in full agreement. It is crystal clear that above 50 the drillers drill. It is also clear that all opec can do is jawbone. They will never get the shale drillers to stop because they are just like Tesla or Amazon, it is all about the future and growth and you just never talk about the bottom line.
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double bottom or double top, wait and see. key time.
Attachments
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Three hours locked in the tractor beam,
testing my system filters
in this quarterly alternate Wall Street reality
Time for the real world
I'm going to go pick tomatoes!
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Like to read more of my commentaries? Please subscribe my Daily Market Report. Subscribers can find all the members only posts HERE. StockCharts members, please vote for me HERE, thanks.