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Down as expected and back in chop zone. Chop chop chop.

I think we are heading back down a bit to the consolidation (chop zone) and chop around for a month or two, with possible retest of the low. Market acting like low is in, but it's still a bit early to tell. Tech earnings will set the tone...and we all know that's going to be ugly, but need to...

Down. What's the prize?

Interesting that VIX goes down with the market. Looks Iike market not expecting much of a sell off.

There are 3 none voting Fed speakers today. Market vs Fed again. Stay tuned.

Decrease of .01%...peanuts. I really don't think this is enough to give market more momentum to go higher. Earnings kicking off Friday, if there's any sell off, this is the start of next leg down.

Stops hunting for sure.

From TA perspective, shorter time frame trend is moving up towards longer time frame down trend...setting up for a big more in either direction. Also previous CPI plays, it looks like the same front running CPI day with massive sell off.

PE ratio for S&P is still a bit high given potential recession and drops in earnings. The market may be forward looking and rallies short term on good CPI, but any fast appreciation in price will likely have a quick correction. I like to see slower price increase and recovery. Market front runs...

I predict a breakout within T minus 5 days.

I would be surprised if we see oil higher than 26 by next week. Failed break out today and persistent selling at 26 level. The question is will we see negative price again...

Got a good laugh!

May not see the worse of it since IB will now auto liquidate T-2 before expiration.

Demand will come back slowly, but will not save Jun20. If it tanks and take Jul20 with it, then, good buying opp to grab.

Oh crap, sorry for typo there that led to a bit of a debate. I meant to say that I think we are over supply.

Commodities are pretty much events driven. There are upside and downside risks. In absence of crazy events, I don't think we are over supply at the moment.

I just know its going to be ugly for oil within 2 weeks.

I recall the OI for last contract at expiration was 45k or so. The current OI for Jun20 is 261k. I bet these are mainly longs, who will need to close out before expiration. We may see the same play from last month, but magnitude may be less.

Probably not going to save Jun20 contract. Only ones truly buying are those who have storage capacity and they know there's a problem...why buy now when they can buy lower? All the production cuts will be useless if supply-storage problem is happening now as front contracts will expire this month.

Milking oil to feed ES. Lol