Ignore Draghi, Watch Oil

So Draghi and the ECB didn’t discuss tapering or extending QE.  Hmmm… a little hard to imagine.  What’d they talk about, the weather?

Futures, which know where their bread is buttered, ignored Draghi and followed oil’s lead instead.  CL nailed our 52.21 target yesterday, and has been reversing ever since.  It’s now closing in on the red channel bottom again — which will determine whether stocks can maintain the latest bounce.  The key level to watch is right around 50.63 — the SMA10 and red channel bottom.2016-10-20-cl-60-0600continued for members


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