Hope you didn't cover. If so hope ya re-entered! Are you still looking for a buildout of the right shoulder for that big ol' IHS?
Yeah, but it's opposite when there is news from the oil patch like we had today. Look at the charts around 10:30 am.
Yeah, I know. We see it all the time. One does not preclude the other. If CL really still did it's own thing, it would not have followed the SP after the release. It follows the flow of the consumer.
Some of the of questioning of Powell yesterday was horrible. In addition to fighting inflation and insuring maximum employment, it seems the Fed has another mandate to wipe out racial inequality.
And where is that flow ? Diesel fuel prices just hit a 21 year low. WTI crude should be around $20/BBL right now. Any premium above that is strictly due to OPEC supply constraints. Demand for gasoline and diesel fuel remains weak.