THEY MANAGED TO SELL A PERFECTLY GOOD GAP UP THIS MORNING.
WHILE EVERYONE SCURRIES TO SELL STOCKS DOWN THIS MORNING, THIS IS THE LEVEL WE’VE BEEN WATCHING IN After Hours with Option Addict. 1880.
I WAS STOPPED OUT OF MY ES FOR -5, BUT RELOADED ONE MORE HERE AT 1869 WITH ANOTHER TIGHT STOP.
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Nothing + about oil inventory :
O/A: much bigger than expected. Uuuuge
Gasoline: build
Distillates : down slightly (ok some truckers are accumulating )
Cushing: nearly 3/4 of a million +
Lwr 48 production : flat. (Tiny bright spot)
Imports: up Uuuuge! (Can’t sell domestic crude above 30)
Quality Control Inferno(if yer reading): does excess winter gas get stored or exported as we move into summer blend production?
Shorting above 31.50. Otherwise saving SCO for new lows….
Don’t think you can store gas for long, needs to be used (see lawnmower in spring)
That may be an awesome entry – looks like the 1880is leel is being defended. I don’t have the stones to buy it though (or short it either).
$CRM at support on the weekly
Bot SCO 171.75.
However, my KMI looks angry! Helluva reversal off 14.31.
Great start. You dam market! Please Fokin hold this time. No more fades, Dammit.
OA, Even us Bears are having a bit of pain breaking that SPX 1880 for good. Everytime we break it this year some Central Bank tries to SAVE this stupid Bubble. Well, we have Yellen before Congress next week, which she can’t be giddy about. But Besides that, we have NO central Bank Meetings until March and China Shutting down for VaCa next week. All Nice sweet Bear Music. We will Break SPX 1880..there is no hope. Stupid Shanghai Copper Bubble ala 2009 has burst. Hello SPX 577ish., lol.
Is a commodity bubble burst bad for the market though? Especially when the consumer is structurally short commodities?
Yes, because Commodity Secured Financing was the key method of Global Financing that came from Global QE imho.
would that be anxiety after the wall of worry ?
For Gold, you have to zoom out significantly. Look at a weekly or monthly chart.
meant for the s&p