As a trader of stocks and commodities for the last 30 years and having worked in the commodity markets CME and CBOT in downtown Chicago in data and analysis of trends, I see one I don't like.
Crude Oil dropping too fast, too far and without reason. I railed against high prices when everyone was talking about 200 crude in July. I laughed at them. Said again and again there were no fundamentals in the market to hold at that price.
Now it's the opposite. Dollar weakness, low demand, weak economy, Gold stronger, production stable, the fundamentals demand a higher price than this.
I don't like it. Perhaps it's just an overreaction. Think about it, if you were nervous about your money and wanted to park it with low risk wouldn't OIL be a good place to go if it's relatively low?
Why does it continue to drift lower? I am going to get the charts out and see if I can find out why. It broke thru some support it shouldn't have. Markets shouldn't break rules.
I'll let you know. There is a disturbance in the force.
1 comment:
Rev 6:6 And I heard a voice in the midst of the four living creatures saying, "A quart of wheat for a denarius, and three quarts of barley for a denarius; do not harm the oil and the wine."
Post a Comment