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Small Caps failed to get up to yesterday's close, look like they are going to define a range for this morning as they wait for more news on the DOA in Senate tax plan. Waiting to hear what John McCain and Ted Cruz want for their vote (policy wise)
te_fern wrote:Watching yesterday's high and low for a breakout either way. These also line up with today's pivot points.....
Double topped at yesterday's close around 2:30 and 4:30 New York time this morning. Several attempts since then that have all fallen short. Asian session low of ES 2579.75 has not really been tested, but we did get sort of close to yesterday's cash session low of 2580.75 which, as you said is the S1 pivot. So really it is looking like a tight little range waiting for something to move it.
In my opinion it is a classic oil market move today. Last week the hedge funds (our 28 year old history majors) were sitting on one of the largest long positions in history, I guess because of Saudi instability and some reduction in the world inventory surplus. So this morning the inventory estimates showed that this is a market system (not controlled by some hereditary ruler's whim) as the refiners are taking advantage of favorable prices. I am assuming you can count on Da Boyz in the Permian to do the same, but it will take a month or two for them to ramp up production. The evil joy for me in all this is that the hedge funds are usually the dumb money in this market, mostly because they trust the word of Saudi princes.