SPX came within 7 points of our downside target on Thursday, bounced 40 points to close just above its SMA200 on Friday, saw futures fluctuate as much as 50 points on Sunday, and recover from a 20-pt decline earlier today. If you like head fakes, you’ll love this morning’s recovery.
Looking for clues? With not-so-veiled threats of $400/barrel oil from our “friends,” the Saudis, CL is up a “whopping” .42% and RBOB is off slightly.
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