Here’s wishing all of our readers a safe and enjoyable Thanksgiving holiday.
Chalk today up as capitulation, holiday style. Having gotten DJI up over 19,000 and SPX up over 2,000, CL has backed off its rumor-driven, equity driving rally. It faces another inventory report this morning, this one from EIA.
But, today is all about the backtest we’ve been discussing. DB is even contributing to the cause, tagging our downside target from Nov 15 [see: Deutsche Bank: All Better?]
Re SPX, we remain short from 2204.01 with our downside targets unchanged.
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