If at first we don't succeed…
We're still using yesterday's shorting lines but we moved the Russell (/TF) up to 1,161.50 this morning in our Live Member Chat Room, after we gave up on 1,255 in yesterday's Live Trading Webinar (replays on our YouTube channel) - getting out even before it began to run up in the afternoon. Other than that, we're shorting the same levels, favoring the /TF short for the simple reason that the Russell is up and the others are not – so it has farther to fall!
As we expected and, as usual, Draghi and the ECB were all talk and no action this morning but we're still waiting for Draghi's press conference, where he will once again promise to take all necessary actions to prop up the markets, while actually taking no action at all.
I think the Central Banksters have become a bit complacent over the summer as the Junior Banksters manning the machines at the trading houses have given them a low-volume rally but now the Big Banksters are coming home from vacation and all the puts are in place (bought cheaply with a low VIX) and it's time to take down the markets.
In a desperate attempt to prop up oil prices, the MSM is harping on the 12.1M barrel draw in inventories shown in the API report, which is the biggest draw-down since 1985 and represents about 10% of a week's worth of oil usage. Can the US have had such a demand spike over the holiday weekend? No, of course not – that would be silly.
What actually happened and what none of these "expert" analysts or corrupt media talking heads will tell you is that the hurricane disrupted imports last week and we imported 1.7M barrels per day LESS oil. 1.7 x 7 = 11.9M barrels, which accounts for all but 200,000 barrels of the drawdown – which is actually a crap demand number for a holiday weekend.