Happy Thanksgiving

Here’s wishing all of our readers a safe and enjoyable Thanksgiving holiday.

Chalk today up as capitulation, holiday style.  Having gotten DJI up over 19,000 and SPX up over 2,000, CL has backed off its rumor-driven, equity driving rally.  It faces another inventory report this morning, this one from EIA.

USDJPY is rallying to compensate — with the US dollar putting in one of those ridiculous rallies that only a central planner could love.2016-11-23-dx-60-0600

But, today is all about the backtest we’ve been discussing.  DB is even contributing to the cause, tagging our downside target from Nov 15 [see: Deutsche Bank: All Better?2016-11-23-db-60-0641

Re SPX, we remain short from 2204.01 with our downside targets unchanged.

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