“The current snapshot of oil VIX!”
The WTI Crude Oil 20 Day Range MA directly below.
click on chart to enlarge
VIX dropping, and it makes oil treacherous to trade … my advice is to leave it
alone until we see a pickup in VIX … not much to be gained in here if you get
caught in a losing trade and can’t make it back cuz there’s no VIX opportunity
available … right now, it’s tough to see what’s going to be the catalyst to shake
things up in oil and get any kind of trend going, either up or down … outside of
the two oil inventory reports, one every Tuesday late afternoon and the other
every Wednesday morning, there isn’t really anything to make oil move other
than stocks … and most days they do a poor job of correlating.
Sure, every few days we get some “blah blah, yada yada” from the usual suspects
in Russia & Saudi Arabia, trying to prop the price, but overall there isn’t anything
moving oil past its range of $52 - $57 … “a little song, a little dance, a little seltzer
down your pants” is all we’re getting in here … I wish there was more to add, but
there isn’t … simply nothing new under the sun.
Onto the week … until tomorrow mi amigos … Onward & Upward!!
Have a great rest of your weekend everybody!
-vegas
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