“Tantrums & crickets … almost nothing else!”
Well, when you follow stocks, you get to die with stocks … and lately crude
has been following stocks pretty “Hoover Dam” well … not perfect, but very
close. Really, no concrete news to speak of other than “risk on / risk off” for
markets in general, and the ever changing “is it supply, or is it demand”?
question for the oil markets.
So, here we sit slightly above 63.00, tickling some trend lines and going for
buy stops, but the 800 LB. gorilla in the room is the OPEC+ meeting coming
up, and what to do about Iran & Venezuela … until then, I expect traders to
simply play the range, buying on dips into the 61 level and selling above 63,
and then covering on the retracements. Until something breaks this cycle, it’s
the only thing that makes sense.
Have a great day everybody!
-vegas
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