Oil Rumors to the Rescue

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In the continuing farce saga that is the oil “market” rally, CL has now spiked 23% since Jan 20 — the equivalent of over 3,600 DJIA or 435 SPX points in a little more than a week — all on unconfirmed rumors of a 5% production cutback by OPEC members.

CL, which is pushing back above the falling white channel midline, should push back above the bottom of the falling purple channel by the time it’s all over.2016-01-28 CL daily CU 0600Needless to say, ES is off yesterday’s lows to the tune of 30 points or so and will at least test, if not push back into, the broken rising white channel.  You can’t make this stuff up, folks.2016-01-28 ES 15 0600Where does this leave SPX?

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