T3 Live

Scott Redler’s Dog Bytes: The Big Oil Story


We have mixed markets around the world with rising energy prices, rates, and inflation dominating the narrative.

SPY had a nice calculated move from $429 up to the $442 resistance area. Friday it started to fill the gap and this morning it's around $435. Perhaps there's a 5-15-30 minute low to add some back against this morning. $432.50 is the last support line to keep things looking constructive. So see if that holds.

Now let's dig into some of the individual things I'm watching.

Oil is at 7-year highs over $81. OIH has been a nice swing long for the past two weeks. I’d be looking to trim, not add. It’s almost finished the measured move to $220.

The 10 year (TNX) didn't pull in with Friday’s weak jobs report. It held the 1.57% line I talked about. Now it’s on the way to the March highs which can keep some pressure on tech. Watch TNX and TLT intraday to help measure the action.

NFLX hit my measured move of $640+ so I'm out. Some will stay as long as it keeps riding the 8 day down near the $620 area.

UBER: I bought last Wednesday as the pattern looked great and Mark Mahaney called it his favorite pick. It cleared $46.89 to see $48.88 where I got smaller to book some profits with my tier system. Now, I'd like to see it hold the $47.50 area to stay with it.

Bitcoin has had nice power since clearing $44,000. It hit $55,000+. It’s pretty impressive that it held $53,000. Now it looks headed to the $59,000-$64,900 zone.

Positions Disclosure as of 10/4/2021 at 8:04 a.m. ET