“Well then … you got something in common with oil … failure!”
Over $60 for a brief few seconds, and then when the stock market couldn’t be
convinced the China trade deal was for real and backed off, oil had about as much
luck as our seal friend! … oh sure, OPEC & Vlad are talking production cut
extensions, but who believes them really? [Hint: not me.]
And so, like wilted flowers, oil fades back under $59 pretty quickly and puts in a
reversal day, which by the way doesn’t make the daily candlestick look too
attractive … but hey, it’s oil … since when did chart formations ever stop this shit?
Going forward, we’ll see what OPEC & Vlad do, and whether or not stocks can
extend gains … my guess is, probably not without something concrete … and
words alone aren’t likely to extend oil far above $60 without something that affects
supply or demand. Until tomorrow mi amigos … Onward & Upward!!
Have a great day everybody!
-vegas
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