crude chart update

crude chart update

crude chart update

Oil suffers a loss of 24% for the quarter

Oil futures tallied a loss of 24% for the third quarter, after ending Wednesday lower on the back of a report revealing the first U.S. crude-supply increase in three weeks.

The report also showed a modest decline in domestic production, helping prices limit losses for the session.

The U.S. Energy Information Administration reported Wednesday an increase of four million barrels in crude supplies for the week ended Sept. 25. That was the first climb in three weeks. Analysts polled by Platts expected supplies to be unchanged, while the American Petroleum Institute Tuesday said supplies jumped 4.6 million barrels.

Part of the reason for the increase in crude supplies was less demand from refineries, where activity decreased with maintenance season in effect. Refinery utilization fell to 89.8% last week from 90.9%. Read: Gasoline prices stop falling as refinery maintenance season kicks in

Domestic oil production, however, showed a decline for the week, with total output at about 9.1 million barrels a day, down 40,000 barrels, according to the EIA. Production for the lower 48 states, which excludes Alaska, fell 21,000 barrels to 8.63 million barrels a day.

Wednesday trading to be volatile, given that it is the end of the month and quarter. In the days and weeks to come, we will see further [crude-supply] builds and rallies we have may be short lived,

Gasoline supplies rose 3.3 million barrels while distillate stockpiles fell 300,000 barrels last week, according to the EIA. Analysts polled by Platts expected gasoline stockpiles to be down 500,000 barrels and distillate inventories, which include heating oil, to show a decline of 1.2 million barrels.

Traders are keeping a close watch on economic data for hints on energy demand. Data from large U.S. payroll processor ADP Wednesday showed that companies in the private sector added 200,000 jobs in September. Economists were expecting an increase of about 190,000. The Labor Department issues its closely watched employment report on Friday.

crude chart update below shows crude has seen serious selling lately, and we are stuck in a pennant pattern, that is about to break up or down!. No matter what, if crude keeps being suppressed, that will have an effect on the market as well, since that has been the case since AUGUST 2015. 

crude chart update

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mcclellan oscillator - What the mcclellan oscillator is saying

The mcclellan oscillator is known to be a good indicator for the market, recently it reach down and created a sell signal. We told our members that we were forming a bearish rising wedge, and fortunately that was a correct call. Now we have sold off and broken down from those areas. You can see on the NASDAQ chart below is not looking healthy.

The market is hating what the fed is doing, WHICH IS, creating more uncertainty for the markets, as they continue to hold rates on ZERO.

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spx chart analysis - Before the fed our spx chart analysis

 spx chart analysis - latest spx chart analysis

The market closed up triple digits today as stocks rally more than 1% ahead of Fed

U.S. stocks closed more than 1 percent higher Tuesday as investors eyed some of the final data reports leading into the Federal Reserve's key meeting.

The market's just kind of drifting around a little bit, if you look at the spx chart below. The volume's so light, I think it's the path of least resistance. There's less selling pressure on a given day because of the Fed coming out.

The important part of the next few days, is to see if the S&P 500 can hold above 2,000 in the near term.

The S&P 500 and Nasdaq composite each gained more than 1 percent, both within 8 percent of their 52-week highs. In early trade, the Nasdaq dipped into negative territory.

Lets be honest here, we are in a  market that's been meandering this week in a wait-and-see mode, the positives in the market are coming from the commodity complex,

There's a big camp out there that (believes) any negative news is going to keep the Fed on hold. They focus on the near-term rather than the big picture. We will have to see about that. Because one thing that can be learnt about the FED is they basically have surprise everyone with their decisions lately.

Traders await a possibly historic decision on short-term interest rates, significant market moves were not expected ahead of the Fed meeting.

Everything is coiling and waiting for Thursday and the trading ranges are shrinking day by day as we move into Thursday, and there's a lot of big cash positions out there.

As you can see, we have the start of the FED meeting today, and we are at an interesting point, where by the FED have not raised rates for about 8 or so years!!! So that will be interesting to see what happens there. 

So far the SPX is about 180 points off the lows back in AUGUST, and we are currently in a triangle pennant pattern that has not broken out yet. So time will tell what happens, but as a best guess, is that the next few days, and especially on THURSDAY when the news and FED annoucment comes out, would probably mean there would be huge and volatile moves coming. So trade carefully out there. 

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TOTAL EMERGENCY ALERT Update

I use to think this guy was on some pretty heavy LSD, with a TIN FOIL hat. LOL. But the more you get to know him, the more you get to know what he is about and how accurate he has become over the years.

Alex Jones just released a video a week or so ago, that is probably worth a listen, when you get a spare moment. So click the play button to start the video.....






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