Had the disappointing OPEC summit results been announced during market hours yesterday, we might not have seen a 2.8% ramp in WTI futures from Tuesday’s lows. Together with the ongoing meltdown in VIX, this was enough to push S&P500 futures to new all-time highs.But timing, as they say, is everything. With a 7-pt ramp in the bag, it was safe to spill the “news” that there’s very little OPEC can do to improve the price pressure imposed by the current oversupply of oil in the world.
USDJPY and VIX were quite capable of handling the propping duties for the rest of the night. And, CL is making a strong bid to recover, just in case. But, there are other factors at work in the oil complex — a chart pattern that doesn’t bode well for CL or for equities.
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