OIL SEES THE $50 HANDLE … NO END IN SIGHT

“So says every oil trader who’s tried to get long!”

I have no idea where the bottom is for oil … OPEC is trying to hastily call a

February meeting to cut production, but is facing push back … let’s face it, the

world is awash in oil, and with China imploding and maybe setting the world into

a depression via the coronavirus, getting long oil is like staring into the abyss

… trouble comes when the abyss stares back.

Blog update on Sunday … until then mi amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

OIL SEES THE $51 HANDLE

“How I view crude oil, almost every day now!”

World oil demand cut again today by the IEA, by 100,000 barrels … doesn’t sound

like much, but it’s the trend that matters here, not the actual number … and with

every thug & dictator worldwide “pumping & dumping”, you tell me where price

has to go? … well for now, it sure ain’t higher. And that’s the story, being repeated

day after day … and if stocks go down on China bullshit, expect oil to get hit with

it … nothing new under the sun.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL THE ODD MARKET OUT

“I think she trades oil … scary thought isn’t it!?”

Caught between the utter insanity of gold and the stock indices, oil knee jerks

around on a yo-yo string … happy trails as this shit moves, cuz it’s wicked. Lost

of course in the moves, are any and all reasons oil should be going up/down $2

per barrel on a daily basis, which is approximately 4% of the value of the entire

barrel of oil … if gold did that for its 20 Day Range MA, we’d be having $60+ daily

ranges … the DOW30 would be having approximately 1000 index point ranges.

Right now, besides the complete bullshit flowing from both the U.S. & China over

the trade deal, the fact is China is NOT going to be making any deal before the

2020 U.S. election … why should they? … and even if they did, outside of an

initial burst higher, it would soon become apparent when the details were

released, that it would have no teeth for keeping China honest … so, the world

demand side of oil looks bleak, and I’m being kind … from the supply side, only

the potential threat from Iran keeps oil from getting 🙶monkey hammered🙷 … and

with sheikhs and dictators pumping like crazy, where does that leave oil? … I’ll

tell you … it leaves it in the hands of the stock market and the gyrations of the

DOW30, that’s where … and this does not forebode good news for oil … in other

words, stuck in the mid 50’s with nowhere to go.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

IT’S GOOD TO BE A DICTATOR!

“Yes Skippy, there is blood … plenty of blood!”

Well, it’s good to be a dictator and move your lips and raise oil prices about $3

per barrel … you don’t actually have to do anything, just talk a little and be

“concerned” is all … so says the Saudi Prince who sits on the throne.

It’s enough to scare the hell out of shorts, though, and once the buy stops start

getting tripped off, it’s off to the races to see who can get the worst fill on the way

up … congrats, here’s your fill!

Not that it will change much, though, in the bigger picture. Absent some earth

shattering news on phantom world demand for oil [read China], trusting that the

thugs and dictators will cut production is like trusting your lottery numbers in

Powerball will hit this weekend … still, you have to respect the tape, and while the

future may hold oil in the 40’s, today says no we’re gonna visit the mid 50’s

… buyer beware.

Blog update on Sunday … until then mi amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

OIL TRAPPED

“Hi, I’m the oil market and could use some directions!”

Well, looking into my crystal ball, I see oil in the 40’s coming soon … given the

China devaluation and everything else on the table, world oil demand is set to

free fall, while the dictators and thugs will continue to pump … that isn’t friendly

to price going higher. If you’re playing oil, it looks to be trapped with nowhere to

go on the upside, except some short covering runs … and that’s really the story

here with very little else that matters at the moment.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

WHO SAYS OIL IS SAFE?

“Thanks President Trump … long, wrong and now gone!”

Buy oil they said, what can possibly go wrong they said … well, tariffs on China

can make it all go wrong in an instant … markets have gone off the deep end with

this shit, and we can all thank government … only the banks win. My guess is, oil

in the 40’s is next on the agenda sometime next week.

So, onto tomorrow’s NFP report and we’ll see what happens … until then mi

amigos … Onward & Upward!!

Have a great day everybody!

-vegas

SUNDAY UPDATE: NOTHING IS RESOLVED

“I think this describes a lot of oil traders!”

Or, you could have been born rich, and now cuz you trade oil, you’re an

“anti-transfinancial”, which means you’re poor cuz of oil … “quite frankly, I just

hate discriminatory markets! … Benson, take me to my safe space”!

In any event, it should dawn on traders that this Summer is nothing more than a

“pump & dump” scheme on WTI crude Oil … a run up on “vapors”, chief among

them the continuing scam known as the China trade deal, so that various world

thugs & dictators could sell oil to the rubes, and now the hangover day after,

where the only thing left to decide is where Vlad & crew cover their oil shorts

… “Yup, Summer 2019 has not been kind for trend followers in oil”.

Oh sure, we still got the “shitshow circus” called Iran, and that sword hangs over

every short positioned spec’s head, just waiting to be swung into action … but

being long is no bargain either, as world demand for oil goes South with each

passing week … in other words, it’s a very short term traders market.

Directly below, the 20 Day Range MA for oil.

click on chart to enlarge

Onto the week mi amigos … Onward & Upward!!

Have a great rest of your weekend everybody!

-vegas

OIL LOOKS TERRIBLE … TIME FOR A RALLY?

“Can the daily candlestick chart look any worse in oil!?”

Well, here we are in the 7th down day in a row in oil, and every single day of this,

the trade has tried to rally it first … DEAR SUCKERS: “early rallies will get sold,

and you’ll be forced out later … what you need to see is a decent break early, that

gets extended early in New York and then turns around … that’s the buy signal”.

And that’s when Vlad & the boys will be covering as well, but so far there’s

nothing to indicate that’s on the horizon, as the OPEC+ members continue to

pump more and more oil … pay attention to what they do, and ignore what they

say, cuz they’re all crooks and thieves looking to scam retail oil specs … getting

played by these assclowns is a never ending story by the vast trading oil public

… don’t be one of ‘em!

With China trade deal talks going nowhere, world economies slowing down no

matter what the chattering elites have to say, and production increasing, good

luck with anything but very short term long positions … cuz when the short

covering is over, it’s look out below. 

Blog post update on Sunday … Onto next week mi amigos … Onward & Upward!!

Have a great weekend everybody!

-vegas

OIL GETS “MONKEY HAMMERED”

“Oil giveth, oil taketh away!”

Almost a $3 range in WTI oil today, and if you can’t bust $60, that only leaves one

other option … Bingo, Bango, Boom!, and somebody doesn’t like the news out of

OPEC, or what Vlad said. Right as the U.S. opened, it was “sell city” in spades!

That puts us back in the mid 50’s, and from here price is somewhat of a mess

… it’s gonna take time to repair today’s debacle, but without some kind of pick up

in global growth, it’s hard to see price over $60 … the economic numbers out of

China are worse than horrible, and that isn’t good news for oil bulls, and today’s

selloff looks to be some major liquidation of oil longs.

So, it’s everything I’ve written about before … production cuts & extensions

affecting supply, and weak global growth affecting demand … until either of these

changes in any significant way, it looks to be chop city. Until tomorrow mi amigos

… Onward & Upward!!

Have a great day everybody!

-vegas

OIL BACK IN THE BULL PHASE?

“Oil inventories suddenly giving oil a not so quiet boost!”

An unexpected draw down in oil inventories today, sees oil rally almost to $60

… now all oil needs is a China trade deal [cough, bullshit, cough] and its “to the

moon Alice”! … until something comes up, like OPEC, which could derail the

new found bullishness. 

As I’ve said recently, until these major unknowns get cleared up, among them,

1) OPEC production cuts [maybe, maybe not], 2) China trade deal, even though

it’s a scam to begin with, and 3) global growth that is free falling and can it

stabilize?, and 4) is there gonna be a war with Iran? So, looks to me like chop

city, and I’d be surprised to see oil go much higher from here, unless hostilities

break out in the middle east. 

Until tomorrow mi amigos … Onward & Upward!

Have a great day everybody!

-vegas

TRUMP SAVES OIL

“One Trump tweet … now take a look at oil shorts!”

In the environment we find ourselves in, you can’t take one minute away from any

position for fear of getting blindsided with news … today a buffet of news

headlines from the usual suspects … bottom line? … oil has rallied on hopes for

world oil demand growing via lower interest rates & a China trade deal … oil

shorts, look the hell out!

A nice move on the M5 via the oil algo … but really, not positive at all in the

scheme of things cuz it just reinforces the “POLS & Apparatchiks Trading

Paradigm” we find ourselves in, where any of these assclowns can move markets

at will.

The oil market has got questions, and the answers don’t come until 1) tomorrow’s

FED meeting on interest rates, 2) the G20 meeting between Xi & Trump, and 3) the

OPEC+ meeting they now want scheduled for early July. Until these are known

quantities, I don’t think oil has any place to go … a little up/down, but no moves of

any significance … we’ll see.

So, first step is the FED … tomorrow at 2 PM EST … get ready for some heated

action. Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas