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Factoid: S&P 500 PE Ratio is the highest ever in 19 years. Since we have no earnings coming up, it's likely to go higher.

Note: Low today was 2786.

15 pts in 3 minutes....shorts put on notice: don't short below 2800.

Interesting factoid: 2786 is the HWB level for ES since the crash.

Likewise, can't go below 2806.

Ominous at best. Recovery is going to take a "long time".

EIA Inventory report just out: WTI Crude jumped on the news to $26.45, but then immediately sold off. I think the market had already anticipated a drop in crude oil inventory.

Did you consider the possibility that the strength of the markets was predicated on the chances of the economy re-starting soon ? Based on the testimony, those chances have decreased.

https://www.cnn.com/2020/05/12/politics/anthony-fauci-congress-hearing/index.html Yeah, the "event" is that the USA is not opening up for business anytime soon.

Nah.....not unless we have a crude oil debacle next week.

Whew...2900 seems like the "line in the sand" for the bulls.......at least for today.

The Buy-On-The-Dippers picked up on the latest swoon. Not sure if they belong to the FOMO club.....LOL !

Nice call......-70 pts in NQ in 20 minutes.

Above is a quote from Art Berman, prominent oil industry analyst dated May 6th. Yet WTI June contract is painting a fairly bullish chart with higher lows. ...and refuses to drop below $23. If you look hard enough, there is a bullish pennant being formed on the chart. Could this PA indicate the...

Is 2965 in-play today or is that a stretch ?

Obviously we had a FOMO rally today up till 1:30 pm. The FOMO's don't care about unemployment, earnings, PE ratios, or bankruptcy rates. It's all about the zero interest rates and massive Fed stimulus.

WTI Crude (CL) had a wild day. Saudi's made an announcement of another 1 M BBL/Day cut-back in production beginning in June. CL immediately spiked $1, retraced and then went up $1.50 to highs of $25.58. It declined the rest of the session until 1:30 pm when there was a rebound. Close of mid...

What a great call ! Nice job.

Thanks for that Zandty. The Saudi's are trying to "talk" the market up.....LOL: https://www.marketwatch.com/story/oil-pulls-back-on-concerns-over-potential-second-wave-of-coronavirus-infections-2020-05-11

The Bloomberg special report was OK. Big takeaway: there are no domestic oil wells profitable with WTI crude under $30/BBL. Yet, look at XLE zooming !