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XOM LOST money on their downstream operations ( refining ) because they don't produce ALL of the crude that they refine. They must go out into the markets and BUY crude at the spot market price to then refine it and distribute it to retailers. Also, their revenue sharing agreements with the...

You watch far too much TV.

Thanks Mup! Can you share a longer-term chart of the ED "wave-ii" that you are highlighting? :cool:

I was friendly with Philip Heymeyer's ex (Sherri Daley) in Westport, CT who wrote a book about her life with him, named after his sailboat . . . High Cotton.

Bingo! :D

A "measured-move" objective in the SPY was just reached at 94.60 The first move up was 5.40 Add that to the intra-day afternoon "pullback" low at 89.20 and you get: 94.60 Bingo! :cool:

"measured-move" up of 5.60 in the SPY projects roughly 94.60 objective. :cool:

The "tone" of the market has changed. There seems to be a "bid" in the market and the SPX is able to rally WITHOUT the need for energy companies to participate. This is a very telling characteristic.

Agreed. Pretty much says it all right there. :D

Agreed. However, the magnitude of debt and use of leverage in derivative products like the CDS exposure was far too great for the likes of Bernanke and Paulson to grasp and get their hands around. That is why they are so FAR behind the curve . . . They could have gotten out "in-front" of the...

So why is the Baltic Dry Shipping Index down 65% in the past 3 weeks? Why is bank loan volume the lowest since the Carter Administration? Why does every single EIA crude oil inventory report for the last several weeks show huge builds in inventories? You are in denial.

HERE COMES THE OIH AND THE ENERGY COMPLEX!!! :D

Some of you guys need to understand what the VIX is all about. We are near an options expiration, tomorrow. PLUS, the options on the VIX expire next Wednesday. The VIX won't give anything more than a "skewed" value until we get past next Wednesday.

5-waves down into the volume floor, according to "Mup". As posted in the Technical Analysis Forum. See chart below.

Good advice! Just traded 81.17 :eek:

Crude now $69.35 -5.20

Oil inventories unexpectedly +5.6 mm barrels and gasoline +6.9 mm barrels. Crude -$5.20 to 69.30 now. Market gets pushed down to 866 SPX on the break in energy shares.

Crude just broke to $71.25 on the unexpected build in oil inventories ( +5.6mm and gasoline at +6.9mm barrels ). Crude -$3.28 That just crushed the SPX again down to 871.50

VIX at 77.70 SPX traded down to the 881 handle. 884.46 is .786% retracement of the previous really.

No, they did not. Nat-Gas came out this morning at 10:35am. Crude will come out at 11am. Columbus Day was a Federal Holiday on Monday. Holidays always post-pone the release.