sp'60min
WTIC oil, weekly2
Summary
*Oil is set for a very severe net weekly decline of -9% or so. Sustained action >$50 looks unlikely next year, not least as the supply issue remains completely unresolved.
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So, we're likely going to break the Wed' low of 2036.
Price structure is offering a large descending wedge... in theory... we shouldn't go much below 2035 or so.... before price churn into the weekend.
Next key support is around 2020/19.
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Update from a typically loud Oscar
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Have a good Friday
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8.31am... Retail sales. m/m +0.2%... positive... but nothing great either.
PPI m/m +0.3%... better than expected, y/y -1.1%
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8.54am... Cramer - 'the recent jobs data was too good'
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| The Cramer is getting spooked |
It is depressingly lame to see clown finance TV so concerned at the pre-market declines, that they've brought on the Cramer for emergency coverage. Naturally, one of the leading market cheerleaders - Cramer of CNBC, is now upset, claiming that the jobs data was too good!
Yes... let there be NO doubt, the cheerleaders don't want good data.... for the 0% money from the Fed might actually come to an end.
Again, its also the same old thing of.. if the market has a few net daily declines, everyone starts getting rattled.
... no doubt Yellen is watching the market... and looking for an excuse to back off. Sub 2K would probably do it.
sp -15pts... set for 2037.
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9.36am.. sp -23pts @ 2029.. with VIX 21s.... not pretty.
Oil -1.0% is not helping.