All of a sudden, an inventory draw of 5.7m barrels occurred. The market was expecting a build of 2.75m. If I recall correctly, just last week there was a big build. This numbers and stats are utter horseshit, but it inspires traders to take directional positions. Today, and for the better part of the last 2 weeks, the direction is up.
WTI is breaking out, up more than 3% — providing a well needed lift to the energy sector.
This is the oil and gas drilling sector oscillator in Exodus. This is predictive, using our algos. As you can see, it’s at the bottom of the recent range.
Word of caution, however, we’re heading into seasonally dreadful months for oil stocks. November is particularly noteworthy.
For the day, traders are taking advantage of the bullish climate and bidding up oil stocks, especially those heavily shorted.
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come on dollar you can do it!
eur at do or die pivot. i say die!
fade it. here is reality.
http://www.zerohedge.com/news/2016-10-19/cass-freight-index-takes-another-dive-killing-augusts-false-hope
52-wk high is serious resistance and those hedges…