David White: The DJIA/DOW Transports new highs may help recently sold off strong stocks like RIG rebound. Plus API reported of a big crude draw last week
David White: If the EIA data bears out the API data, RIG should make a big correction to the upside tomorrow as oil likely climbs.RIG ready to correct up
David White: Good news on the RIG trade.API results: Crude -5.815M, Distillates +1.011M, Gasoline -.753M. Total -5.557M vs. expected +2M. Miss by -7.557M
David White: Big beat by API oil data: crude +2.9M vs. exp. +.4M, Gasoline +3.4M vs exp. +1M, Distillates +1.1M vs exp. -.3M. Net +7.4M vs. exp. +1.1M.