sp'60min
USO, 60min
Summary
*I'll probably be highlighting oil more in the days ahead, as I'm looking to jump aboard (long side). Target entry is USO 17.70/50s.. but that will require WTIC Oil in the 50/49s.
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So.. opening gains, and market feels just like it did yesterday... underlying upside... but no doubt sellers will appear around 2087/89.
It is notable that we're seeing some opening black-fail candles on a number of stocks, esp' the momo stocks, like TSLA and TWTR.
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10.03am... Ohh, Fed official Dudley is speaking at the CFR (yeah, I'm sure a few of know about that organisation)... more word games about rate hikes.
*am watching the trades flying through on USO options.... big buyers in the July calls @ 21/23 strike... although I'd argue they are 1-3 days early.
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10.11am... Still seeing rather HUGE USO call buying.... now in the July 22s
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...eyes to the EIA report at 10.30am... back then!
10.31am.. EIA oil surplus... 10.9 million barrels, lol.... hillariously huge...no one wants to stop producing.
Oil reacts with a minor snap lower.. -2.3%.... I'm looking for downside into early Friday to $50/49.
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10.34am.. Market looking vulnerable.... if the 50dma is lost... 2074.... open air to 2065/55.
10.42am.. and down we go ! Let the games begin... 50dma... broken under....
10.46am.. Triple spike top on the daily chart.... bearish.. things are getting real interesting, and with Oil -4%... the market is under real pressure today.