government will sell oil from its Strategic Petroleum Reserve starting in 2018.Despite the overwhelmingly bleak fundamental backdrop of a big oversupply, many traders are starting to price oil on future fundamentals, such as a likely tightening of supplies by 2017, Matthew Parry, senior oil analyst at the International Energy Agency, told MarketWatch.Oil traders have also looked to the latest U.S. economic data for hints on the outlook for energy demand. The U.S. economy grew at a 1.5 seasonally adjusted annual rate from July through September, the Commerce Department said Thursday, marking a slowdown from the quarter before. Consumer sentiment data Friday showed an increase in October, but not as much as the preliminary figure suggested.Back on Nymex, November gasoline RBX5, 2.53 climbed by 1.8 cents, or 1.3, to 1.3689 a gallon, while November heating oil HOX5, 1.22 tacked on a penny to 1.484 a gallon, with the November contracts set for expiration at the settlement. Prices for both products traded lower for the month, based on the most active contracts.Good Morning Today is Series S1H and the SPILL is 79 down w/ 21 UP. It would be ez to write off yesterday as a nothing burger with lettuce day and from a day trader perspective that would not be far fetched at all. In fact, from a sardine level and for a discerning person, I could have stopped posting by 10:40 as everything one needed to know had been written by that time. Frankly the same could have been said about THE WHOLE WEEK using the Monday commentary and the posts from Monday.The day. If you read these commentaries or the posts or both and do not realize that I place more value on cash SPX than futures and more emphasis on RTH (uh, that is when cash SPX trades) then you should. I am acutely aware of the off market hours futures activity because it gives many opportunistic TELLS for RTH opportunities, reveals which time zone is impacting the next RTH, lets you make CASH extrapolations about where they think price is going even though they are flying blind, and this can be stilled by applying FAIR VALUE to those traps and prices.SPECIFICS: Wednesday close was at the HIGH for the cash move since 8/24 and by 9:48 a TOP IS NOT ON post was given. The Bears needed to kill the open but mainly 2075.5 SPOT -sheesh- and reinforcement of both of those ideas were reinforced by clearly using the charts already disseminated and much lengthy prose that 5 greens make a Navy BLUE etc. and that I just did not see how that could have happened yet.Also, on Wed. and reposted several times Thurs. THE NEXT cash places were given that resided ABOVE the market: 2085 CASH , a large price in use since the AUTUMN of 2014, then 2095.8/2096.8 cash smaller constructs, and finally 2104-2107 MORE IMPORTANT as both those bookends are larger constructs. RESULT: 2075.5 ES SPOT, AND NOT JUST ANY SPOT, the confirm SPOT, held as the ES FUTURES LOD, negating any opportunity for retrace to 2072 or 2066.25 a chart price along with 2069.25 of noted big importance DURING the sprayed roach activity of the FED ANNOUNCEMENT.Except that, its not just the price of milk thats gone sour. According to data from April 2015, supermarket prices in the UK have fallen at the steepest rate in eight years, including meat, milk, cheese, and vegetables. (The Telegraph)This idea is nothing new. It gained mainstream traction back in 2014, when a 60 crash in crude oil prices inspired the goodflation movement. And in May 2015, when the UKs Consumer Price Index plunged into negative territory for the first time in 55 years, the move was hailed as good news:This looks like the mild and benign variety of deflation Instead we should welcome the positive effects that lower food and energy prices bring for households at a time when wages are rising strongly, unemployment is falling, and the economy is growing. (May 19 Daily Mail)But heres the thing weve crunched the numbers. Weve checked and rechecked all the inventory. And the results couldnt be clearer: Declining food and energy prices have not contributed to and/or secured rising wages, falling unemployment, or strong economic growth.With the eurozones real GDP flat, unemployment rising, and wages in the UK at the same level where they were years ago, the evidence is clear: deflation has not been a good thing for Europes economy. In fact, much of the world is under deflations tightening grip. And judging by the magnitude of deflation spreading through Europe, and even the U.S., the vise will not rest on food and commodity prices alone.The best part is, weve just compiled a special free three-part report on deflation including exclusive, subscriber-grade excerpts from our European Financial Forecast and Elliott Wave Financial Forecast 8212 that will equip you with a long-term picture of the global deflationary changes in store.This article was syndicated by Elliott Wave International and was originally published under the headline Europe in Deflation: Got (cheap) Milk. EWI is the worlds largest market forecasting firm. Its staff of full-time analysts led by Chartered Market Technician Robert Prechter provides 24-hour-a-day market analysis to institutional and private investors around the world.-Midwest is wetter in eastern areas in the 6-10 day period. Showers later today and Saturday will once again stall corn and soybean harvesting, especially in central areas. The rains will improve moisture for wheat germination, though. The 6-10 day outlook is wetter in eastern areas. Temperatures are unchanged. The 11-15 day outlook is wetter in southwestern areas. Temperatures are unchanged.-Plains are wetter in central areas in the 11-15 day period. Rains today should further improve moisture, especially in south central and southeastern areas. However, some dryness will likely continue in northeastern belt areas. The 6-10 day outlook is unchanged. The 11-15 day outlook is wetter in central areas. Temperatures are unchanged.-Pacific Northwest is drier in southern areas in the 6-10 day period. Showers through early next week will improve moisture for wheat especially in northern areas. The 6-10 day outlook is drier in southern areas. Temperatures are unchanged. The 11-15 day outlook is unchanged.-Delta is wetter in northeastern areas in the 6-10 day period.