Wednesday, 11 May 2016

11am update - oil causing problems for the bears

With a net inventory draw of -3.4 million barrels, Oil has surged upward, and that has naturally dragged much of the main market with it. With the USD -0.5% in the DXY 93.70s, the metals are holding sig' gains, Gold +$11, with Silver +2.2%.

USO' daily2



*equity bears just need a daily close <2085 to break short term rising trend.

Little to add... as the market is battling it out.

Cyclically, we're still set to increasingly weaken as the day proceeds.. especially into the close/early Thursday.

notable weakness, NFLX, daily

Continues to broadly struggle, if the main market does eventually unravel, first target is $70, then 50/45. The latter of course is a long way down.. but even at that level, the stock would still be 'generously priced'.

time to cook