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All eyes on the S&P. ...Suspect equities will have to lead any charge higher. Bulls beware if equities stumble.
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If the energy complex is going to reach fresh highs I suspect we will need equities to lead the charge. Which means UST rates will likely need to carve out a bottom to start the week. Bulls beware, should UST rates fail to turn higher, and/or equities stumble the energy bulls may not be able to build on Friday’s price action.
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This is the first report I have ever done that I was deeply reluctant to release. But if we hesitate to learn from difficult times, then we are in very deep trouble.
On several recent webcasts I have highlighted the influence of the S&P and the 10 Yr yield on energy prices. This is one of those times where we want to pay close attention to these relationships. If energy prices are going to work lower from here, both the 10 Yr yield and the S&P should lead they way. Keep an eye on both Friday.
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