11am update - Oil oil everywhere

The latest EIA report offered another weekly surplus of 9.6 million barrels of WTIC Oil. Storage is (not surprisingly) finite... the low $30s look due this spring. Meanwhile.. equities are in minor chop mode... comfortably holding the 50dma.. but that looks vulnerable near the close.


sp'60min

USO, daily

Summary

So.. another massive weekly surplus of Oil. Its amusing how most remain in denial at the finite storage issue. Sure.. they could even transport some to Canada... but at 7-9 million a week... Mr Market has yet to properly adjust.
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Notable weakness: DISCA (Discovery), -2.1%.. and starting to look real ugly on the monthly cycle - viable downside to 25/20 into the summer. I like the company.. but not at this time.... and certainly not at $31.
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time to cook.... I think