ACTUALLY, OIL IS CLOSED

“An oil trader trying to figure things out!”

Remember yesterday’s blog post? … right! … ditto it double for today, with about

an 85 cent range that hasn’t seen anything for the entire day … Until tomorrow mi

amigos … Onward & Upward!!

Have a great day everybody!

-vegas

NOTHING NEW UNDER THE OIL SUN

“Step up and eat your bowl of oil stupid!”

Nothing new from the weekend, and no news = a nothing market … hate to say it,

and at the same time sound like a broken record, but this is a market in search of

fresh news to drive it somewhere … and so far, nobody cares. Still stuck in the

mid to upper 50’s, and more than likely will stay here until OPEC breaks some

news this upcoming weekend.

Until tomorrow mi amigos … Onward & Upward!!

Have a great day everybody!

-vegas

SUNDAY UPDATE: THE WEEK BEFORE OPEC

“Is this the bar scene from Congress or OPEC!?”

WTI Crude Oil’s 20 Day Range MA directly below.

click on chart to enlarge

Quite frankly, oil isn’t going anywhere without “surprises” … either from OPEC,

Vlad, the ChiComs via a trade deal, or sigma economic beats like Friday’s NFP

report which helped price rally into the weekend. There isn’t any trend in the

market at present, up or down, and price drifts until somebody panics over news

… at the moment it’s all this market has got.

So, unless you got a death wish for trading news, and love getting screwed by oil

LP’s that make the gold LP’s look legit, until next week is over and the OPEC thugs

& dictators have decided how much to cheat with production quotas, my advice is

to leave oil alone and go to the beach instead. We’ll see what happens this week

… until tomorrow mi amigos … Onward & Upward!!

Have a great rest of your Holiday weekend everybody!

-vegas

OIL, SCHMOIL … WILL PICK IT UP COME MONDAY!

“What I say to oil today!”

Yes, oil gets a boost from the NFP report … yawn … pick it up come Monday mi

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

Have a great rest of your Holiday weekend everybody!

-vegas

OIL NOT HAPPY

“Seriously, is this guy talking to the oil market or what!?”

WTI crude oil not very impressed with OPEC’s decision to extend production cuts

for another 9 months … read this as, “we don’t know WTF is going on, so we’ll play

it safe and keep the status quo” … Vlad agrees, and that’s part of the problem as

well.

Add to today’s bucket of crap range, the fact oil inventories fell less than expected,

which only creates more chaos, and with less demand from world economies cuz

they’re collapsing quicker than a stone in water, and before the 4th Holiday you got

people everywhere saying, “who needs this”? … welcome to oil.

Today’s range so far, less than $1, which pretty much sums up the whole

enchilada … mid 50’s here we are, and mid 50’s most likely to stay … “bon

appetite” oil traders!

Until Friday mi amigos, when I’ll oil blog next … until then mi amigos

… Onward & Upward!!

Have a great day 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 CAN’T SEAL THE DEAL

“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