If Bad News is Good…

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First, a little Q&A.

Q: How high did oil go yesterday?  A: As high as it needed to in order to produce new highs.

It was almost laughable as every time SPX started to lose a little momentum, CL spurted just a little higher.  In the end, it spiked 6.7% in less than 12 hours from the overnight lows — the equivalent of 1,250 Dow points!2016-08-12 CL 60 0600This hasn’t happened since, oh, last week when it shot up 7.6% in 24 hours [see: The Not so Invisible Hands Guiding the Market.]

The question today is whether the “market” will focus on the atrocious economic data just released (big misses in PPI and retail sales), CL’s continuing levitation or USDJPY’s overnight plunge.

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