OIL RALLIES WITH STOCKS … BIG DEAL

“I think the oil market is already there!”

I’m out of words to describe the “funk” oil is in … can’t go up, can’t go down, and

quite frankly the market is losing volumes, liquidity, and players … nobody gives

a shit right now, and I don’t see anything on the horizon that’s gonna change that

… even the attacks on the Saudi facilities didn’t have that much impact, and price

sold off quickly … fact is, oil is stuck in the 50’s with no place to go … nothing

new under the sun here, that’s for sure … until tomorrow mi amigos

… Onward & Upward!!

Have a great day everybody!

-vegas

OIL GOES “SLEEPYTIME” … [AGAIN]

“Oil traders from yesterday … they’re still puzzled!”

Not much to report on in the oil complex, as oil puts in one of its worst range days

in recent memory … barely over a buck for the day, hanging onto the $56 handle

… there is literally nothing you can take away from today, as even the “China

trade deal” rumors did almost nothing … there’s too much oil sloshing around to

get it much higher unless there is another Saudi attack of some kind … really

nothing new under the sun.

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

Have a great day everybody!

-vegas

IT'S OIL INVENTORIES ROULETTE DAY!

“Place your oil bets!”

Thanks to a big, ginormous draw in distillates, crude rallies strongly today to

touch the $56 handle, and settles in the $55’s … that and some talk the Saudi’s

are seeking more production cuts, which of course they don’t disclose until they

know the oil inventories report has gotten the market to rally … then break the

news and it adds further fuel to the rally fire … and stocks rally as well, so

there’s that.

We’ll see if anything can be maintained above $56 … I got my doubts … until

tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

ASKING THE INCONVENIENT OIL QUESTION

“Ponder this traders!”

Oil back down very close to “pre drone strike” levels … “what if the whole

supposed affair was a false flag, by the Saudi’s, to get oil up so they & the other

dictator scum that run the oil world, would have a sharply higher oil price to sell

and bag some serious coin”? … given today’s world, the prevalence of electronic

trading, and the spreading of propaganda via the internet, I think the question

has to be asked? … I’m not entirely sure of the true answer.

Oil today behaving, meaning the range so far is less than $2 … still, can’t get a

stable and decent bid/offer spread from the usual suspects to trade it, without

getting ripped a new one … cuz that’s what they do, that’s why! … scum top to

bottom, but unless you want to trade futures, there isn’t any other alternative

right now.

We’ll see what tomorrow brings … until then mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

AND SUDDENLY, WE’RE BACK TO NORMAL?

“The wisdom of Morticia Addams!”

Well, that didn’t take long, now did it? … if I didn’t know better and was somehow

skeptical, I’d think events over this last weekend were intentionally hyped up to

get the biggest bang for the buck at Sunday’s open for crude oil … amazing how

quickly the Saudi’s got everything back online with oil production, isn’t it? … I’m

pretty “Hoover Dam” sure Vlad & the boys were selling with both hands after the

open.

As I said over on the traderzoogold blog, too bad the brokerage community can’t

offer an oil CFD worth a shit, that U.S. citizens can trade … no question, oil is the

market to trade, but you have to have fair and honest pricing, and right now we

can’t get it … both Turnkey & Coinexx are a joke in regards their oil CFD’s, a

complete and utter ripoff, and they know it … they choose to do nothing about it,

and that’s what pisses me off about them.

I still think the oil trading community is mis-pricing geopolitical risk in current

pricing … the world uses about 110 million barrels of oil a day … the attacks last

weekend put about 5 million barrels out of production … we saw the biggest jump

in history [20%] when oil opened, on a 5% oil disruption … if it ever gets serious,

we sure as hell ain’t gonna stay in the 50’s!

Today sees oil inventories roulette and the FED … so far, less than a buck fifty

range, so it’s quiet … how long does this last? … update: down into the 57’s for oil

on bearish inventory supply builds, and the fact that bombs aren’t dropping on

Tehran, instead greater economic sanctions  … amazingly, we aren’t that far from

where we were on Friday’s close? … is the oil market back to normal? … I dunno,

ask the spider.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL GOES FULL RETARD

“What it’s like to trade crude oil!”

Well, weekend events certainly have changed the oil dynamic, haven’t they?

… and while you couldn’t blame oil producers for wanting to hedge a 20%

windfall that came on Monday’s open, for the spec community I’d switch my

focus to positioning myself from the long side for a good long while … sure, the

Saudi’s today announced they’d be down for a couple of weeks rather than

months as expected, and WTI oil went “Thelma & Louise” for 8 minutes to the

tune of $3 per barrel to the downside, but now that that’s over with, I’d be very

careful about trying to sell rallies here … and here in the early PM, the Saudi’s

again pouring fuel on longs, as their oil minister announces full production of

oil is back NOW … ouch if you got caught in this.

It would be nice to have an oil CFD that worked, but apparently that’s too much to

ask for from the likes of the scumbag LP’s at Turnkey & Coinexx … 7 - 8 cents for

a bid/offer spread is a total rip off and they know it, and my guess is that it’s

gonna be awhile before we see anything reasonable, if ever.

The risk here, obviously, is for an escalation of the attacks on the Saudi’s oil

facilities, and that would only mean sharply higher price within seconds, and that

can happen anytime day or night. Play it from the long side mi amigos!!

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

OIL STARES INTO THE ABYSS

“So says oil!”

Well, another exciting day in oil … place your bets on the roulette wheel and

close your eyes … winner winner chicken dinner OR so sorry, you lose go home

now! … what else is there to say here? … article on ZH about how the Saudi’s &

Putin aren’t gonna go for oil production cuts, and it’s one more nail into the bull

coffin. Quite frankly, the only thing keeping oil afloat in the 50’s is the possibility

of production cuts … everything else points to lower worldwide oil demand.

I can’t take another second of this shit … until tomorrow mi amigos

… Onward & Upward!!

Have a great day everybody!

-vegas

SUNDAY UPDATE: CHAOS REIGNS IN OIL

“Then I started to trade oil … now it’s every 5 minutes!”

“May the big money be with you”! … outside of that sage advice, I’m not sure

anything else I can tell you will help … right now, nobody really knows what the

future supply situation is about, regardless of the Saudi’s attempting to bully

price higher while talking production cuts … the bigger issue, that they can’t

control is world demand for oil … and that lands firmly in China’s lap.

I’ve read articles about the ChiComs hoarding oil, and 5 minutes later I’m reading

about how their economy is poised to implode and leave the world a complete

clusterfark mess … they can’t both be right, and it goes to the heart of the mess

the oil market is in, as it seems every 5 minutes the focus shifts from supply to

demand and back again … in the end, the deep pockets of oil money are having

their way with the market … see my shocked face!

Directly below, the 20 Day Range MA is WTI Crude Oil.

click on chart to enlarge

With this added uncertainty swirling about, the range has up ticked indicating

increased volatility … I don’t see that going significantly down anytime soon

… onto the week mi amigos … until tomorrow … Onward & Upward!!

Have a great weekend everybody!

-vegas

LEARNING TO BE A MASTER MANIPULATOR

 

“What the Saudi’s do to the oil market!”

“My, my … they are quick learners aren’t they”? … I am of course, referring to 

the Saudi’s, and there clever manipulations of the oil market … I wake up 

today expecting to see weakness in oil to exploit, and then read how the 

Saudi’s overnight let it slip that production in April will be held back … and 

of course, shorts panic and puke, price rockets higher in minutes … and then 

nada the rest of the day.

Who are the fools here? … well, it certainly isn’t the Saudi’s, who’ve 

discovered that “loose lips” beats throwing money at the oil market … it 

doesn’t matter if it’s truthful [it never is], it serves its purpose of stabilizing 

oil until worldwide demand comes back. Only traders suffer, and who cares 

about ‘em? … right, nobody.

The good news today, is it looks like FX is heating up … about frickin’ time, 

and tomorrow should see some wild action if schedules hold and aren’t 

cancelled … tonight’s open for tomorrow’s trade should see some interesting 

premiums … I’m just hoping they can be reasonable for a volatility position, 

and not priced insanely high … we’ll see.

Lately, FX has been a graveyard trade … meaning, it’s close to playing a slot 

machine … most days suck, but there are days stuck in there that make up for 

the bad ones that lose money, but not enough to make good on all the losses, so 

it’s simply a slow grind lower. With today’s run in GBPUSD & GBPJPY, these 

2 pairs look to have bottomed on the 20 Day Range MA’s, and are turning 

higher quickly … let’s hope it continues. I’m willing to give the markets the 

benefit of the doubt on the way up in ranges, but not willing to play when they 

are heading lower.

Back to oil … caught between the proverbial rock & hard place of weak 

worldwide demand buttressed by production cuts to the supply side … looks 

like VIX in this complex is being crushed, and until the 20 Day Range MA 

starts again to turn higher, paying the nasty high premiums to trade this stuff 

via the call spreads isn’t worth it … we’ll be back later to this complex, but for 

now I’m leaving it alone, cuz it can’t & won’t move.

Onto tomorrow mi amigos … Onward & Upward!!

-vegas

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