Update: Crude Crushed

Very telling today is that the rally in stocks accelerated at the collapse in crude accelerated.

The stock market should get squeeze above 3980 on the ES. I don't have a target yet, but as I said earlier today, a run to 4120 area would be a great gift for bears.

I see everything moving in concert: oil, currencies, bonds, stocks. The only question heading into tomorrow is: was this a front-run of the ECB? If yes, there could be some selling or even a massive reversal tomorrow if the ECB doesn't tackle inflation. Conversely, if the ECB were to be a little more hawkish than anticipated, it might fuel more CL downside, more DXY downside (via EURUSD gains) and maybe some ZB gains too as investors price in the end of inflation.

For myself, I bought calls of SPY yesterday. Added QQQ, TLT and GDX today. I'm net long for now.

Update: I closed my SPY and QQQ longs for the day. Might reenter with ES and NQ overnight or in the morning.