Stocks opened up higher this morning, but it’ll be short lived. Both oil and copper are lower by more than 1% and there isn’t anything to be particularly enthralled about with this morning’s upgrades and downgrades — aside from Golman’s laughable p/t reduction in TSLA from $190 to $180, so prepare for lower stock prices.
Last week we saw banks and commodities lift higher — thanks to MUH rotation. You might see the exact opposite today — people ebbing back into tech and the hell out of oils — just to throw people off kilter.
European markets are, essentially, flat, and Ethereum is down 8.5% — another ordinary day at the office.
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Weak hands took profits in oil futures last night before API/EIA reports and what promises to be a very bullish rig count report on Friday. Market is slavishly following crude.
Everything rotating down nice as smooth as fedexit is in play.
i still say we see oil sub 40, maybe even low 20’s
lower for much longer,
more blood