Markets Unravel a Bit

Lots of moving pieces over the holiday weekend — which are typically used to leapfrog stocks up past resistance. Our analog said otherwise, this time, and we will be rewarded with a nice gap down on the open.

ES is currently off 9.25, but was off double digits before oil futures began their latest algo-nudging ramp job. It’s more than a bit ironic, as the Saudis went out of their way yesterday to announce that the recent OPEC agreement which was used to prop up oil prices, and thus stocks, into the year end is likely to be unwound in six months time. Naturally, CL rallied on the news just like it did on the latest bearish inventory figures.