Since SPX gained 270 points on oil’s rally from 26.05 to 42.49, that’ll all be undone now that oil’s rise has been exposed as a sham, right? Don’t believe it.
Though Doha failed spectacularly, CL has regained 2.5% of its losses on — what else? — price intervention. And, before you start slinging conspiracy theory accusations, consider the headlines of the last week, where banks have fessed up to manipulating gold prices — after previously copping to interest rate and currency manipulation.
Doubters, just watch CL’s rebounds during today’s session. I promise you that one will occur every time SPX starts plunging just a little too fast.
Oh look, there’s one now.
That’s the good news for oil supporters. The bad news is that the bounce from 39 back to 40 backtested the now broken SMA200. Not saying it can’t be regained, but it’s a little tougher (more expensive) when the price manipulation is laid bare for all to see.
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