If Bad News is Good…

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First, a little Q&A.

Q: How high did oil go yesterday?  A: As high as it needed to in order to produce new highs.

It was almost laughable as every time SPX started to lose a little momentum, CL spurted just a little higher.  In the end, it spiked 6.7% in less than 12 hours from the overnight lows — the equivalent of 1,250 Dow points!2016-08-12 CL 60 0600This hasn’t happened since, oh, last week when it shot up 7.6% in 24 hours [see: The Not so Invisible Hands Guiding the Market.]

The question today is whether the “market” will focus on the atrocious economic data just released (big misses in PPI and retail sales), CL’s continuing levitation or USDJPY’s overnight plunge.

continued for members...


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