CNBC: Retail sales fall more than expected. More than expected? No one is buying anything but for groceries and toilet paper. And there is only so much we can eat of the former, which necessarily limits the consumption of the latter.
This is what the market was waiting for on 4/13 ... slight delay. A red close today in the lower half of the day's range means a break of that low tomorrow begins the hunt for lower lows on the year. Izzy bottom about to take a $hit.
If I can get it, I'm looking at the 2733 range. Immediate target is 2778 - 2785. I'll cover some of my short SPY verticals if we hit those targets
No need to be sorry.... but like I said yesterday, oil is a true market. Only supply and demand can decide whats a fair price. Right? $20 sure looks like a bargain. It may be a steal. I tend to agree, but right now that's what the market thinks its worth. If you had a 500,000 gallon tank in your backyard hooked up to Cushing via a pipeline, you'd be golden. You could sit on it for a couple years and then pump it right back to Cushing when its $40. But that's the problem... no one has any place left to store the stuff. We have to work through that inventory, and in the meantime, the industry has to deal with shutting down rigs because.... the oil has no place to go. Until the demand steps up and the inventory is worked off, its not gonna move. We do get the EIA inventory #'s at 10:30 today. Any surprise on the drawdown side should certainly help. I'm sure there's a lot of traders that are gonna be glued to their terminals at 10:30 EST today.