iBankCoin
18 years in Wall Street, left after finding out it was all horseshit. Founder/ Master and Commander: iBankCoin, finance news and commentary from the future.
Joined Nov 10, 2007
23,449 Blog Posts

Oil Drops 5% Post Doha Fail; S&P Futures Off 9

This is hardly what I’d describe as ‘tumultuous’. If the desired outcome of the chatter leading up to Doha was to put a bid under the price of crude, consider this excursion into idiocy a great big satanic success. All of the House of Saud members are celebrating tonight’s mild 5% drop in crude at their harems, as they sashay from one room of decadence to the next.

crude

Over here in the states, S&P futures are off 9ish, all very boring indeed. In order to get me excited, I’d need to see crude down 10% and SPY futs off by 3% to get me out of my seat. There is nothing desirable about the current state of crude. But the bulls seem to be intent on holding it up for a little while longer.

spy

God willing, as the night matures, true sellers of an ominous nature take control of this cartoonish response and enact punitive measures against all of the green-shooters littering the markets with pestilent buy orders.

 

If you enjoy the content at iBankCoin, please follow us on Twitter

11 comments

  1. moosh

    Guess it was sashay into the no internet connectivity room of the palace.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  2. dragun

    I know some XLE longs here .. good nite.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  3. tokyojoewasmyfriend
    tokyojoewasmyfriend

    I believe today is the rollover so tomorrow will be June Spot trading for oil. Wouldn’t surprise me if they kept it afloat without a substantial drop.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  4. btn

    Wow, I thought that they would have had better control than that. The actual outcome of the meetign was predictable if they expected Russia, Saudi Aramia, and Iran to agree on anything. Still, I expected they would be able to put forth a good face, but looks like nothing.

    We’ll see if they desperately try to prop oil up Monday

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  5. probucks

    The Nikkei’s brief moment of raging higher with a stronger Yen finally broke down Friday & today

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  6. ironbird

    That Yen looks dangerous. Very much so. Right now overnight.

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  7. goose20

    The thing about oil is the low is in and if it stays low the economy will thrive. Filling up your vehicle to buying airline tickets the list goes on. Oil will only stay lower when it can be replaced which should not be in our lifetime. JMO

    • 0
    • 0
    • 0 Deem this to be "Fake News"
  8. bruce keller

    Hey, I’m a little late. One guy here tagged me as some bad luck charm a while back. Probably true. This week looks to be pretty gangster. Panda level really. Good luck all, unless you’re long, then you’re dumb, but good luck on getting out soon enough I guess, although markets might open pretty low, but that probably won’t be the final low of the week by far, anyway; hugz/

    • 0
    • 0
    • 0 Deem this to be "Fake News"