The day ended with most traders feeling slightly robbed by close. The SPY flew into $206 off the open but found itself on the wrong end of a relationship with Crude. And yet despite the whipsaw action, the flow went silent.
Crude Inventories came in and everyone started jumping ship. Something about higher prices, production, not enough hummers on the road, and prices falling.
In other words, this action out of Crude is here to stay until something outrageous happens.
With the flow dead, there’s not much you can really pull from today. That’s not a big issue if you’ve stayed light and taken each day as a fresh opportunity to steal a few points away from the sharks. For those who have been swinging positions, you’ve got stones.
But even the best trades must eventually come to an end. And there was a lot of closing positions today. Tomorrow’s flow report will likely reflect that as the monkeys burn the midnight oil stripping apart the day’s notifications.
Until then, you probably want to keep your phone handy tonight. Crude is your crazy aunt who shows up on a whim thinking it’s Thanksgiving in June. It’s crazy, unpredictable and progressively getting worse as the year drags on.