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WTI CRUDE reversal causes Equities to turn down to near overnight lows

Crude's reversal back down under 38 coincided with Equities following suit

Crude's reversal back down under 38 coincided with Equities following suit

Crude oil's About-face following its False breakout attempt above 38 caused Equities to follow suit yet again, proving that the correlation which many thought might be straying a bit between WTI and SPX is now back on course.   Important to note that WTI, TNX and now SPX have all held resistance near areas at former lows and reversed.. though we'll need to see a bit more proof out of both SPX and CL in this regard.  But TNX being down 5%+ on the heels of Europe's German Bund yield pullbacks has been impressive and Equities typically have a much larger positive correlation with TY YIELDS than Crude, which largely just began in January of this year.  Overall, most of Europe has pulled back down towards its lows to end its session, while the US Dollar has stabilized a bit, which is resulting in Gold also selling off from earlier highs.  yet the trends still favor being long the Metals, and even on some ability of the US Dollar to hold and try to turn higher, the trend remains lower overall and should be positive for both the Precious Metals and the commodity space overall