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Thursday, March 28, 2024

Comment by phil

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  1. phil

    GOOG giving people a wild ride this week but generally trending up.  Figure $1,220 to $1,100 is  $120 so $24 ($1,124) is weak and $1,148 would be the strong bounce and they had a rough rejection at $1,145 so far this morning but GOOG is plucky and looks like they'll try again.

    CLF back over $20, BTU $16.50.  

    WYNN finally rejected at $230, we'll see what holds on the way back down.  $250 to $210 was just $40 down so $226 is strong bounce and that needs to hold for them to look bullish again.  

    Oil inventories pretty good and up we go.  We have a 2.4Mb draw in oil with gasoline down 1.6Mb and distillates up 600K.   So it's a solid net 3.4Mb draw overall but imports were just 6.8Mb – that is crazy low, down 786,000 barrels from LAST WEEK.  That's 5.5Mb for the week and accounts for more than all of the draw so game off for longs on oil (brief though it was) but I wouldn't short the Futures here – the SCO bets we just adjusted are less risky.



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