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Jimmy Cracks Crude, but Stocks Don't Care- WTI selloff having little effect thus far on stocks

WTI cracking 1 mth support

WTI cracking 1 mth support

Just after Europe's close, indices remain mixed, though far stronger than might be expected given CRUDE's early 4% weakness.  this HAS been an important move today for WTI, breaking the trend from February lows, and given a greater than 0.60 correlation, "SHOULD" have some effect on stocks, but might be postponed until after FOMC.  The flip side to this of course is that the correlation simply goes away, as Crude historically has never been that big of a driver for stocks-  For now, important to note the Enrgy stocks with the largest Short interest that have ripped of late and now stalling out, as these could be excellent technical shorts with many of these looking like poor risk/rewards after their recent rally and then stall out.  Specifically, stocks like RIG, CHK, DO, SWN, HP, RRC, all have short interest greater than 15% of float, while RIG and CHK are both OVER 30%.  For now, minor weakness in Gold, down 1%, but Europe managed to close higher by nearly 0.75% today with DAX up more than 1.2%.  Yields and USDJPY both showing mild losses, while NASDAQ still higher in Monday's trading and Russell underperforming , down -0.40% which will be important to concentrate on in the days ahead.  Chart shown above is the WTI HOURLY chart, with prices down UNDER 1 month trendline support with 2.5 hours til PIT close.