Scalper1 News
Note to members: On November 2, we sent out a Short-Sale Set-up (SSS) report discussing the concept of anticipating the short side of the market during an uptrend in order that one might be prepared to act on the short side rather than re-act on the short side once a market breakdown becomes obvious. Part 2 of that report was sent out yesterday. Major averages sold off Friday on higher volume with the S&P 500 and DJIA ending at their respective 50-day moving averages, which sets up the potential for a bounce, thus this morning’s futures action is not surprising. Oil cracked new multi-year lows on Friday, falling to under $58 a barrel. According to Bank of America analysts, $55 is the breakeven point for half of U.S. oil producers. This put additional pressure on commodities which have been in a downtrend for months. The fall in oil spilled over into other areas of the market as points were raised that weakened energy companies might default on bank loans, begin laying off large swaths of employees raising unemployment, and so on. Oil is currently bouncing on news of the closure of two Libyan oil terminals. That said, United Arab Emirates said that the oil cartel would accept a price slump right down to $40 per barrel. Scalper1 News
Scalper1 News