The collision of global markets and social mood

Tuesday, December 6, 2016

Tuesday -- Pump & Dump, USD Magazine Cover Alert

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

Crude oil pump & dump.

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.

Still no liftoff from deeply oversold.

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.

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.

No comments:

Post a Comment