They gave us a channel target on the SPY, they may hit it tomorrow. I'll probably go with the vxx, its at historic lows.
The government dropped law suit case against Bank of America today. Judge ruled insufficient evidence. This lift the dark cloud that was over Bank of America. Last week, Banks rallied on the feds rate increase news. They make more money with higher rates, most banks are in a bull flag consolidation after the big one day pop.
The 3 x short Oil etf DWTI pierced and reclaimed a major support on Friday. This level is significant because this is where the previous rally in the DWTI began or in other words this is where oil sold off. The general market is showing reversal signals, it is probably anticipating the move down in oil.
The daily chart of CVRR show the previous peak and troughs, if you look closely, you will see that the pivot points of the troughs hit their lows in January and start moving up to form peaks.
Winter gasoline blend is different from the summer blend. There is a down time to this industry when they transition from fuel to fuel to do maintenance, usually during slow demand periods, and prepare for the busier summer months. The crack spread hit a low in February and bounced going into march. They cut two consecutive quarterly dividend. However, management said it won't affect future dividends, they won't hold anything back to make up for it, they will start with a new sheet of paper. Senior management with 30 years experience said he has been through and seen these types of markets and they usually work them selves out.
LNKD, AMZN,EXPE and a few others went up after hour with good earnings. Its holding up the SPY, but the problem is oil. The question is will the shale producers turn on the spigot?
Things that just pass us by, I took a look at the Russian small cap etf RSXJ and large cap RSX, they both broke a weekly down trend and took off. The small cap is going on a 9 day run.
Since the low 295 on the BDI index it has risen everyday for the past two months now at 710. Today was the first red day -5 Ive seen this month.