It looks like the market did a complete u-turn from yesterday's advance on no news. Does anybody know what happened to cause today's sell off?? All of the news reports seem rather confusing.
You read my mind, it started selling off in reaction to the Nat Gas inventory report at 10:30AM. When we did not hold 57, I guess longs just gave up. My only other theory is @2:30 the QMZ's expired and CL rolls over as well. Some sort of a rollover. I make this shit up as I go along anyway. Perhaps $55.50/56 will provide support on the CLF06.
But that natural gas inventory report was Wednesday, right? Why did the market go up Wed and the reverse on Thur? I think you may be right, it was the closing of the November futures today.
Market has been in its seasonal Sep-Dec selloff. the rally Wed was simple short covering, mainly by locals and specs, around the data release. Once the near-term risk of data is out of the way, the selloff can continue. Watch, or better yet trade, the same thing next week.