We’ve been watching the effects of “oil gone wild” with great interest, especially since Aug 3 when it tagged our downside target and began its latest 25% spike. As we discussed at the time [see: The Not So Invisible Hands Guiding the Market], it has been TPTB’s primary tool for pushing stocks higher since the yen carry trade started fizzling in Jan 2016.
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The big question now, is whether it can properly flesh out something resembling a channel, and backtest the large white channel it left behind on the 16th.
We remain short on SPX, with Friday’s targets still in place.
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