Crude & S&P’s Nearly Converge in a Massive Spillover (SPY)
Interesting correlation with the dollar and crude.. the disconnect was between S&Ps and crude which you can see in the chart below… This morning crude ran widely up off the 94.54 level into the 97.84 level in a seemingly endless rage of offer lifting as the dollar BARELY fell off trend, you can see to the left.
Once the dollar found its footing crude was whacked off highs of up nearly 1% to down over 1.5%. Clearly their was big $$ moving around and the fight was between crude and the index’s were left to fend for themselves in a random walk type of pattern.
Eventually the ES took out lows below 1230 trading down to 1222.75 before finding some ground to settle around 1226.
What could tomorrow bring? the overnight price action will tell us, Italy is on the front burner and the pot is boiling….
|1 min ES.. the alligator you can see..|