2pm update - significantly higher

Most US equity indexes remain holding borderline significant gains, as the equity/energy bears look exhausted. Indeed, despite a net build of 4 million barrels, Oil is +3.8%, around the key $30 threshold. Current price action is suggestive a bounce is underway, that will take us into early February.


sp'60min

USO'daily2

Summary

Little to add.

It does seem we have a short term floor of sp'1812... and have already climbed almost 4%. Clearly, the markets attention will now swing toward the FOMC next Wednesday.. and the Q4 GDP data... the latter of which won't likely please the macro-bulls.
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notable strength..

CNX, daily

Arguably representative of many energy related stocks... a hyper gain of almost 20%, but then.. this stock is net lower by around -80% since last summer.There is nothing bullish about the bigger picture, as the US 'war on coal' continues.
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2.28pm.. Hmm.... cooling from sp'1889 to 62.

Broadly though, that is still 50pts above yesterdays low... and I expect that to hold.

Arguably, bears getting another chance to close out... and/or go long.