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Doha "Non-Decision" causes 6% decline in WTI before Overnight bounce

Last couple hours have seen crude and S&P back off after overnight RECOVERY of prior gap downs that occurred after Doha Non-Action, where Crude sold off to the tune of nearly 6.5% before recouping about half that amount-  Flight to safety as treasuries have bounced, USDJPY has begun to decline again and NIKKEI fell nearly 500 points, or 3% with 10-yr JGB yields fell to new all-time Negative Lows..  with some of this due potentially to Earthquake-  Overall, Oil strike likely to prove temporary, but has served to temper some of crude's weakness with S&P following suit-  Key for JUNE S&P near 2058-60, near overnight lows.. and then 2053-4 while WTI has support near prior $39 lows on June futures and under near larger trendline 37.50-38.50 which "should" be good support on pullbacks-  Tough to get too negative with S&P over 2060 area, but failure to hold would likely result in at least temporary selloff for both S&P and WTI-   Early morning earnings from PEP, MS, HAS-

S&P hit initial support right by 2058-60 and rallies all the way back to fill the GAP from last night before dropping-  WTI meanwhile moved up at a HIGHER clip from last night's early gap down, and both have been trending together

WTI moving higher by nearly $2 off early overnight lows to test the area where this broke down last week which now appears to be stalling out again as the effects of any Strike likely prove temporary-  $40 is the first key area now on the downside for June WTI and under could result in a test of overnight lows which would likely see S&P do the same.  For now, near-term technicals have stalled out for WTI but important to note that the daily chart remains in good shape, and selloffs down to near 37.50-38 should be good buying opportunities initially as most of this "bad" news is likely priced in, with most now calling for a return to $30 and nearly NOONE suggesting that any sort of rise is possible

Until we see more evidence of any real deterioration.. minor peaks in Crude as a result of this LACK of output freeze, likely find support directly below near the uptrend from mid-February-  Signs of waning momentum were present on this last spike to test the highs which has turned into Negative divergence with momentum trying to cross back over to negative

PEP, MS, LII and MTB all beat on earnings but whiffed on revs this am, while HAS, GWW beat on both.  HAS remains the stock to own out of all of these, with the best charts on daily and weekly basis.. While 84.40 could slow this temporarily, this looks to be the one to own structurally

HAS with excellent structure and should rally to test and exceed highs made last year

Longer-term as well, HAS with excellent structure, and has started to trade more parabolically of late