Brent crude reversed losses and has since traded appreciably higher. The net result of poor inventory numbers was a short squeeze. As such, crude traded up and dragged the market with it.
The relationship between crude, the Nasdaq, and finally the all important risk assets, such as FCX’s stock price, demands to be noticed. They are one in the same, a phalanx trotting along the same road, but at different speeds.
All that said, breadth is still dreadful, TLT is still up, and gold is still pressing higher.
I’m very pleased to see stocks halve losses and people get another chance to sell and to buy some TLT. After all, I still have some SPY exposure and I’d be bereft of decency if I were to root on for the capitulation of my neighbor.
But this isn’t over yet. Stocks are slavishly following crude for a reason, not by chance. Back in 2008, stocks followed banks down and up, like a dog shadowing its owner. The same corollary is taking place now with energy related stocks, the underlying commodity and lastly the SPY.
A gathering storm is coming.
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Nonsense. CBs are gearing up for more cocaine and the markets know it.
Maybe, but in any case crude has bottomed.
With any luck crude squeezes back into the $45-50 zone and hangs out there long enough for people to start bidding the sh*t out of oil/gas bonds again, improving bank balance sheets and dousing bears with gasoline.
A move to $45 would be a purely technical move and wouldn’t need to be supported by fundamentals at all, but it surely would calm some nerves.
Could be, Vandamme. If the market is not even affected by the FOMC Devil Dogs today, something is up.
I told you folks oil was bottoming. I still think so.
Maybe, but I don’t think $1.50-2.00 a day swings are indicative of a bottom.
Bottom doesnt matter, Statements/supply/production still clearly not changing course, Damage done anyway
Maybe we climb the wall of worry into April.
i like storms
Looking for a guy I knew
2007ish. Wrote a blog ,used salty language,
made lots of dough all the while keeping
me in stitches.
forewarned is forearmed: ISM has decoupled from the crude
FCX is a crazy bitch.
Market is fit to day trade and that’s it. Thank you AMZN for today’s performance. Maybe skill.. perhaps luck..either way is fine.
and gold is still pressing higher.
30.00 bucks off the highs….
The open is for retail to panic in or out…the middle session is for the lunatics… the close is where the pros ride on
who’s this dirty red coat on the tevee.. Wilford?