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Good Wednesday Morning, MPTraders! September 9, 2026-- Pre-Market Update:-- While we await the next round of PPI (Thursday) and CPI (Friday) Inflation Data, the elephant in the room is Crude Oil, which took out-- and is trading above-- $95.00, a key 4-month resistance plateau...My attached 4-hour chart shows the upside breakout price action that sits atop a potentially explosive Cup and Handle or Saucer Bottom technical structure that projects a next immediate target of $100, a secondary target of $110, and a tertiary target of $118 to $122. From a near-term technical perspective, to inflict some damage to the dominant post-8/26/26 upleg ($79.62 to $95.
There is an old Wall Street story Seth Klarman retold in Margin of Safety. Sardines had vanished from the waters off Monterey, but the cans kept trading, bid higher by people with no intention of eating them. One buyer finally opened a can and made a meal of it. He got sick. The seller explained that he had misunderstood the product. These were not eating sardines. They were trading sardines.Anyone who grew up near the California coast knows the part that is not a joke.
Silver was a typo . . it should be 60.81.
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