It was all about oil today as the inventories shocked by an 8 million barrel shortfall versus a prediction of a million barrel surplus. Lots can be said about this oil stock offshore sitting on ships but the end result was oil prices soared a few bucks and the markets roared back from a negative 80 odd point open to a day high 80 odd point peak to close up 60. As I said in my last post, do not underestimate the bulls to kick in bigtime when you least expect it.
Looking at the chart, the SPY has blown off quite abit of the overbought signals and may be able to keep the market in a range trade. A 9000 DOW has to be the psychological support number at play here so any floating around 9100 - 9400 til weeks end will be expected depending on jobs claims numbers out tomorrow and option expiration Friday.
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