sp'60min
WTIC Oil, daily
Summary
The sp'2070 low should comfortably hold.. and a break into the 2100s is clearly viable today.
In theory.. we should at least push to the 2110/20s next week/early December.
I realise some are looking for weakness into the FOMC of Dec'16th, but I'm highly suspicious the market might make a straight run for the 2150/70 zone.
re: Oil. Cyclically.. due to rally into next week. So.. even if today's Oil report shows another build... the price might well rally regardless. First target are the $45s.
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Update from Mr C
The issue on stops and GTC orders... its very important, and I'll get around to covering it soon. There are a great many implications that most haven't been considered.
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Doomer chat, Hunter with Mannarino
As ever.. make of that.. what you will.
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Overnight Asia action
Japan: moderately weak, -0.4%.. still close to re-taking 20K
China: strength into the close... +0.9% @ 3647.
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Have a good Wednesday
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8.31am.. Jobless 260k....
Durable goods orders, +3.0%.. much better than expected, with positive revisions.
Pers' income/outlays... inline.
equities pushing upward, sp +3pts... 2092... the 2100s look due today.
Metals weakening... Gold -$5 to $1069... the low to break is 1062. Higher rates bodes bearish for the metals... the giant psy' level of $1000 looms.