11am update - still too much oil

The latest EIA report of a weekly surplus of 8 million barrels is another reminder that the underlying supply issue has not been address. Cyclically though, Oil is due to rally into November.. back above the $50 threshold. Meanwhile, the metals aren't faring well, Gold -$11, with Silver -1.5%


USO' 60min

GLD, daily

Summary

*little to be said for the main indexes.. it remains choppy.. ahead of the Thursday ECB.
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re: Gold, price structure could be argued is a bull flag... but currently.. it is a failure to hold the 200dma.. and that ain't bullish... is it?
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As for Oil... the 5/15/60min cycles are offering a spike floor, with USO @ 14.34. The black-gold bulls need a daily close in the $15s... that won't be easy.
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notable weakness...

VRX, daily

What a train wreck.. .with claims that the whole thing is a fraud.