Daily Comments

April 22, 2019


The S&P is barely lower on the session as trades were quick to buy into the lower opening. The big news of the day is the full cancellation of waivers for those buying Iranian crude. This news is helping the oil patch, effectively supporting the S&P. Given the already bullish froth of the market it’s hard to imagine what can stand it the way of new all-time highs. Earning reports have been supportive in that they have’t torpedoed the market and we have a slew more this week including the kingpin, Amazon.
For today, as long as the early lows are held, we should meander higher into the close.


Crude prices are trading sharply higher on news the U.S. is cancelling all waivers for those buying Iranian oil. It’s said both the Saudi’s and UAE have agreed to make up the lost production but it could take some time. Also they really don’t have the capacity to do so. And what if the Iranian get hostile and close the Strait of Hormuz or take action versus the Saudi’s. This is a story that needs additional details so be ready for when they come.
For today, the next upside target is 6800-7000. You can use any downside reversal as a stopping point.


Treasury Notes are trading lower on the session, right back testing initial support. The treasury market is finding it difficult to mount any lasting rally. As long as equity markets continue to head higher, there’s not a good reason to have any safe haven buying of treasuries.
For today, support at 12222-12226 will be tested and it better hold or else we could head down to 12200. Need a close over 12312 to put the bulls in charge

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