Oil continuing to cause problems

OPEC's inability to come to any form of agreement on even a basic supply ceiling continues to result in major problems, with a net Monday decline for WTIC Oil of -$2.49 (6.2%), to $37.65. The weakness in Oil is clearly holding back the equity market... but renewed upside still looks due.


WTIC, weekly2

sp'weekly1b

Summary

*a new multi-year low for WTIC Oil of $37.50, the lowest level since Feb'2009.
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A rather fiercely bearish start to the week in energy land, and that sure didn't help the broader market today.

The one solace for the equity bull maniacs, the market did at least close above the 200dma (2064), along with the weekly 10MA.

Right now, I'd only get spooked on a monthly close under 2050. Otherwise... I simply can't be short this crazy casino.. no matter how bad some of the data/news seems to be.
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Macro-econ chatter, Long with Smith



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Looking ahead

Tuesday has nothing of significance scheduled.
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Goodnight from London