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Tuesday, September 17, 2019

Market Update 9/17/2019

In Friday's update I was warning of a possible black Monday, but the market held up pretty well despite a black swan out of Saudi Arabia. We even saw the $RUT, $SOX, Canada, and Russia, make  slightly higher highs! 

Program buying in Oil was triggered above both the 50 week, and 50 month moving averages.

Support on $WTI Crude looks like 60.94 (just above my pink line - where it closed), and you can bet that's going to hold up into contract expiration. 

I'm calling the Saudi attack a false flag, because it fits. The Powers That Be, need an excuse to crash the market, and what better excuse than WWIII? 

Never forget Building #7!

University Study Finds Fire Did Not Cause 3rd Tower's Collapse on 9/11

Oil DSC - I imagine everyone is bullish on oil now, but I can't get bullish Oil, on a 1 day rally.

$BRENT - resistance on Brent Crude is 67.52, as I noted in my public charts area.

   Of course this breakout in Oil was a good excuse to continue squeezing the shorts out of Oil service stocks, but this looks like capitulation, after a 5 wave move, and I'll have to wait to see what the pullback looks like, in a week, or 3.   

What's funny is I removed the short term $USO chart on Friday, because I no longer felt confident about the sell side, and the rest is history.

The fact that the bulls have resorted to short squeezes instead of actually putting money to work... worries me. 

Looks like we got our reversal in the broader market, but we'll probably see a little relief rally on a disappointing FMOC statement. Maybe it's delayed a day, until short squeeze Friday?

Canada - This higher recent high on the $TSX scares me

This update is already running late, and I have projects to finish up, before the SHTF.
Take care,

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