John Pitera's Market Laboratory Message Board

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Strategies & Market Trends : John Pitera's Market Laboratory

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Fintas

Fiscally Conservative

Hawkmoon

roguedolphin

To: Fiscally Conservative who wrote (17575)	1/8/2016 6:49:24 PM
From: John Pitera	4 Recommendations of 33421

weak markets rarely ever bottom on Friday... to illustrate the psychology Marc Faber, often labeled as the perma-bear.... was cnbc and Bloomberg on Thurs morning saying that the morning low in stocks would be the bottom for the now and we would rally back towards SPX 2040... Crude has been unable to rally....period. instead the market sold off after a morning rally from SPX 1954 up to 1976 at 11 am Daily crude hits it's lower BB and if you look at the bottom of the *chart $wtic:$spx* that is crude trading relative to the SPX they are going sideways in December *meaning that they are both going down in almost exact correlation.* 18 months ago we were watching the SPX trade in almost exact correlation with the EUR/$ even mighty XOM is under significant pressure... but holding up relatively well compared to BP which is back at it's August 2015 low of 28 and CHV is inbetween the relative performance of the two. RDS/A Royal Dutch shell has been the weakest of them all already at a new low at 39 compared to 48 back on August 24. JP

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