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DrStool

Just When We Thought The Bear Was Dead 4/21/20

DrStool

Not all.

Sumbitch. I can't edit the title. 

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They're gonna try to recover the trendline. They have around $63 billion to play with today. 

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OTOH, US Treasury is slamming the market with $97 billion in settlements. So the Fed's $63 billion is shit in comparison. 

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I just don't see how this ends well. For anybody. 

So I'm gonna put on a mask and take a walk. 

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The TL is around 2790 at 10 AM, 2795 at 11:00. 

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2 day cycle up phase under way. Next few hours the best chance the bulls have to recover and retake control. 

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3 day cycle projection 2725. 

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NAS100 just went below the hourly EMA200, ES, Dow and DAX have already done so.

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5 day cycle projection drops to 2706

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1 hour ago, DrStool said:

The TL is around 2790 at 10 AM, 2795 at 11:00. 

Is that Warsaw time?

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Jimi,

I’ve never looked into this before. It looks like the Interior Department sells all the oil to the Department of Energy for the Strategic Petroleum Reserve. These are via leases of US public lands and tribal lands. They collect fees on the leases and distribute payments back to the states and tribes. I haven’t read enough to understand how these leases work in the mechanism for price discovery and if it could involve futures. The DOE said it was considering leasing SPR space for a year to private companies for storage as well. I understand nothing about natural resources:

https://revenuedata.doi.gov/

https://www.doi.gov/pressreleases/oil-production-department-interior-managed-leases-surpasses-1-billion-barrels-first

https://www.energy.gov/fe/services/petroleum-reserves/strategic-petroleum-reserve/strategic-petroleum-reserve-0

https://www.rollcall.com/2020/04/14/doe-negotiating-with-oil-companies-to-store-excess-supplies/

 

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34 minutes ago, Jimi said:

Is that Warsaw time?

NY It's almost 6 PM here. 

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Last time market reached this degree of extension it rallied 120 points overnight and next day. 

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Clearing 2740 with follow through would be a 2 day cycle buy signal. 

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