Watching & Waiting

We’ve had multiple target tags the past few sessions, with the latest being CL – which just reached our upside target.  The chart below, from our Oct 3 Update on Oil, illustrates the timing issue TPTB face with CL’s rise from February.

As discussed yesterday in Welcome to Peak Oil continued rise will certainly help support equities, but it would result in higher year-over-year inflation measurements — which would strengthen the argument for higher rates.2016-10-11-cl-daily-0543So, from here on we’re on breakout/breakdown watch.  CL, USDJPY, VIX, DX…they’re all in a position to do one or the other.  And, don’t forget about DB, which reached our 13.88 target yesterday: the 61.8% retracement of its latest plunge.2016-10-11-db-60-0632continued for members


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