Oil’s Dangerous Game

Oil prices move equity prices, plain and simple.  When oil gets the sniffles, equities catch a cold.  When oil drops through major support, equities just plain panic. So, it’s no surprise that equities are panicking just a little this morning, as CL is pennies away from completing a Head and Shoulders Pattern which targets 31.55.  … continue reading →

The Rally That VIX Built

As discussed yesterday, stocks spent the night building a cushion based on VIX (currently off 5.4%) in preparation for tomorrow’s FOMC announcement.  It started just before the close, yesterday, and has built to a 6-pt gain in the futures.Actually, it’s been less of a rally, lately, and more of an effort to maintain ES at … continue reading →

In Search of Patience

Friday started off like so many other sessions, with algos working overtime to counteract the effects of the British election.  Our first upside target at 2438.44 was quickly dispensed with.  So, it was with some trepidation that I suggested another turning point an hour later at 2444.83. Here’s the next opportunity for SPX to top … continue reading →

Pulling Out All the Stops

When unexpected unpleasantness unfurls, you can count on central banks to pull out all the stops. Such is the case with the British election results which, like Brexit, have wreaked havoc on FX markets. EURGBP, having broken down from its rising red channel dating back to mid-2015, was well on its way to a perfectly … continue reading →