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Last night the API put out a report saying that there was a 3.4 million barrel build up of crude oil. Well the market has been trading a lot lately in tandem with the direction of crude. So this morning the DOW and S&P was pretty red. But then something interesting happened. Just as we were picking up steam to the downside, the DOE oil inventory number hit and they said that we had a 3.6 million barrel DRAW DOWN. So instantly oil perked up and the DOW/S&P started sprinting higher.
Well obviously one of them has to be wrong. But which one? Consider that the API numbers are privately generated while the DOE numbers come straight from Uncle Sam and you can pretty much bet, Uncle's numbers were made up for the sole reason of pushing stocks higher. It worked for a while. The S&P was down 10 points before the DOE report and was down just 1 shortly after. But it couldn't hold and we faded lower. This is what passes for a "free" market in 2016.
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