A FRIDAY CRUDE OIL YAWNER

“All I said was crude oil!”

Oil shows little inclination to do anything today, being unable to follow

stocks higher on their manipulation gallop … just too much resistance to pop

that 63.50 level and move with force … hey, it’s Friday, who wants to go out

on a limb for the weekend?

And there you have it, cuz we’re now stuck in mud at the upper end of this

band of 61-ish - 63.50-ish … world demand concerns, no doubt, weighing on

crude due to the collapse of the China trade deal and global growth. Only

stocks seem not to give a shit … oil? … it’s a different gig mi amigos.

Have a great weekend everybody!

-vegas

CRUDE MAYHEM … NOW WHAT?

“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