Oil Inventory Wednesday

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There are a few things that I will be watching today...

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December 5th – Don’t Stay Too Long

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As mentioned last week, we want to keep some of our open energy trades on a short leash. They were up 20% or so, so after a brief market review, let's take a look, take some profit, and not overstay that welcome  🙂

 

SPX  - We saw a large doji candle on Friday ( indecision) and on Monday the markets Gapped open on the hopes that a Tax break will help business, but then it sold off. Am I bearish? No, this is day 12 of a bew daily cycle and the move higher was steep, I think we may just drop to the 10sma & my trend line, or go sideways,,,

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Weekend Dec 2

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SPX WEEKLY - Still Bullish?  Yes, quite. On a 2 year chart we see that the SPX formed an uptrend channel, and when it got a bit overenthusiastic  ( over throw), it immediately sold off and closed back inside.  Currently it has closed outside (above) that channel. This can create a steeper incline if it doesn't close back inside next week.

That can lead to more of a parabolic move, and...

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