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Tuesday, December 6, 2016

Tuesday -- Pump & Dump, USD Magazine Cover Alert

S&P E-mini Futures:
Higher on follow through from yesterday's rally.

News:
Crude oil pump & dump.


FX:
Hearing "91 dead ahead" from the trader I like to fade regarding USD. This time I'm in the correction camp too, but not that low. USD just registered a Paul Montgomery Magazine Cover Indicator Alert.


Today however the USD is rallying. AUD & CAD down, EUR down. CHF & JPY down.

Treasuries:
Still no liftoff from deeply oversold.

Energy:
WTI crude made another rally high at 52.42 on increased Open Interest and high volume. The 60 area is a big opportunity to pass or fail miserably. Continued OPEC pumping (chart shown above) should make for interesting times.

NG fresh rally highs. No volume yet. Momentum fading on longer-term chart.

Metals:
Gold down, silver flat, platinum and palladium higher, copper down.

S&P Outlook:
Needs new highs above 2214.10 or risks a bull trap and non-confirmation with DJIA.

Yesterday's action poked through the 2207 volume shelf before rolling over, and ended with 50% less NYSE volume than the 11/30 high. Shorts may begin to act soon.

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