If you look ahead to the Fed tomorrow and then more eco news on Friday and a long weekend, it's hard to see this market busting higher today. I expected some strength this morning and more concern setting in as the afternoon approaches. I'm still thinking that scenario could play out.
The oil inventory build has pushed oil down on the knee jerk and if it drops precipitiously that will like putting another spike higher into the equity markets. If it holds at these levels or trades higher, then the equities will feel it. Right now oil is an excuse to take profits or to make a trade higher. Big moves provide the excuse whereas sideways action does nothing.
I'm staying quite short here looking for pressure on the indexes.
The oil inventory build has pushed oil down on the knee jerk and if it drops precipitiously that will like putting another spike higher into the equity markets. If it holds at these levels or trades higher, then the equities will feel it. Right now oil is an excuse to take profits or to make a trade higher. Big moves provide the excuse whereas sideways action does nothing.
I'm staying quite short here looking for pressure on the indexes.
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