Markets are off and running again, as a major short squeeze ensues on Wall Street. The most hated of all, crude oil, is being propped up by reports from the IAE, suggesting that production out of the US shale will drop by 600,000 barrels per day in 2016 and another 200,000 in 2017.
This, of course, is having a profound effect on speculators, who are now running over one another, with ghastly intentions of trapping shorts who exhibited too much zeal in their positions, buying up futures contracts–pushing net long positions to a five year high.
The subsequent result of all this fervor is an extraordinary short squeeze amidst stocks heavily shorted. Shares of FCX are higher by 13%, amongst many other commodity related plays.
As such, I expect this treacherous market to be as punitive and absurd on the upside as it was on the downside. If you happen to be short, I advise you to seek counsel and to get your affairs in order, for the guillotine is heading your way and it isn’t going to leave until your head is in a basket.
NOTE: tonight begins the five day journey of the ibc bootcamp, hosted by The Option Addict, Jeff Macke and Raul, who will be doing a live Exodus presentation.
Macke starts tonight and tomorrow, 7pm. Be sure to attend!
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Why is your ark not taking on water this morning, Fly?
The ark is unsinkable
Too many shorts out there.
TCK is leading the base metals higher…. CENX is up smartish as well
Tck is small potatoes compared to fcx
Here’s the stuff nightmares are made of
http://www.theverge.com/2016/2/22/11087890/mark-zuckerberg-mwc-picture-future-samsung
do you see $FCX re-testing its lows in the upper $3’s?
death spiral inversion