HISTORIC. Understand what just happened at OPEC. Those cocksuckers just acquiesced to the fact we’re all fucked. They are telling you now, as clear as day, the global economy is beyond saving and isn’t coming back any time soon.
The group, known as OPEC+, initially proposed cutting production by 10 million barrels per day on Thursday, but Mexico opposed the amount it was being asked to cut, holding up any final deal.
Under OPEC+’s new agreement, Mexico will cut 100,000 barrels per day, instead of the 400,000 barrels per day it had initially been asked to cut.
On Friday President Donald Trump said the U.S. would cut production in an effort to get Mexico “over the barrel.”
I expect futures will be UP on this news tonight and I expect nothing less than a morning meltup, followed by a massive down pouring of all sell orders — the likes you haven’t seen in weeks. Why do I think this is going to happen? Because the stock market Gods DEMAND we retest the lows — because that’s how these things work. You don’t get to V shape the fuck out of this thing, pal. No, you run and slip and fumble and the killer catches up to you and knives you in the face, as you attempt to place a trade on your mobile app. Nothing is over. This shit has only just begun.
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Wall of worry
not to be rude but how many cycles have you seen through?
The United States joined OPEC, time for a globalization party!
Whoa too bearish for me brah. Nobody is retesting anything but my patience for how long before I just go on about my day. You wanna stay home? Good for you. Do your part. I’ll be enjoying the outdoors and some Home Depot shopping.
Another decade of people pissing and moaning because they didn’t buy anything at the bottom, or the middle. Though they’ll blame anyone else but themselves for it. Onward and upward.
True true, but also could pass for someone who sold out their retirement hoping to get back in lower
+100
Dreary outlook for a while. Everything is shut, earnings zero at best, yet the bills keep on.
A while is relative, could be as little as five years.
Morning meltup… The stock indices barely moved on IG weekend betting after the news broke.
Do countries actually abide by opec? Dollar dollar bill yall.
I am 2/3 short on major indices & 1/3 long crude and energy. I will sell O&E premarket and waite….
I was expecting a post major holiday fade.
Retest the lows? So 1987.
They already faded the meltup and then some…
1. I have been watching this site for more than a decade. @Fly, Thank You for so much entertainment and wisdom.
2. The comments by your readers, here and in the Pelican room, provide entertainment, intel, and laughter. I am grateful.
3. I suck at trading, even though I paid for the ability to fish. But its OK, because I am forever 1/2 Cash, 1/4 Gold, 1/4 Gold Miners, for more than 2 decades, FTW. THE WOLF IS COMING.
I look forward to all of us being COMRADES in the very near future.
I really like this kind of volatility. Got to make some profitable quick trades going short at the opening pop and going long just minutes ago.
Went flat at 2750. Back to my on-going Snowfall binge.
Nice timings on both trades.
Timing is everything.
Laughed at loud at the mobile app line. FUCKING SELL ALREADY NO SIGNAL!
No bounce in crude means a major pullback is in order, no quarters given, I’m ready.
Hey, with this attitude, I am open to the idea of retesting the lows.
They will have to leave it in the ground.. They have run out of places to store crude. There is reduced demand for fuel.
Can anyone explain this ?
https://www.eia.gov/dnav/pet/hist/LeafHandler.ashx?n=PET&s=A103600001&f=M
Has fuel efficiency standards had this big an effect on usage? averaging 60M gallons per day from 1985 to 2007. Now its averaging 20M gallons per day since 2013.
Eia data is a joke
The Saudis know that in 10 years the combustible engine will go the way of the horse n’ buggy. They will be burning their oil to create electricity for their 2-door Teslas.
https://www.cnn.com/2020/04/12/business/meat-plant-closures-smithfield/index.html
Don’t worry everyone. The Fed will simply print more food.
Seems fitting. Didn’t China buy that shit?
Yep
I’ve been reading agricultural finance articles about the amount of farms that are about to go under since over a year ago. I have to imagine things are much worse and many of those farms reached the tipping point last month.
In Michigan, our farmers were already dead due to record rains last year. Crop insurance payouts were gigantic. There’s farmland for sale all over the place, from smaller operations trying to plug the gaping whole in their budgets and re-consolidate around a core piece of land.
Tysons closed one of their meat packing plant in Iowa last week. They had a bunch of positive Covid-19 cases. Soon, we’ll only have cake to eat.
I’m starting to like Fed president Kashkari. The guy is a lunatic. He’s going about saying we might have rolling shutdowns for the next 18 months.
Markets need to fall at least 15% for Fly to get his retirement fund back in. Go Fly go.
About that emergency small business funding…
https://www.nytimes.com/2020/04/09/business/smallbusiness/small-business-disaster-loans-coronavirus.html
Goldman says buy. Sorry bulls.
They just need another 10 business days to finish shorting their client’s books. Help an investment bank out.
Turned out futures were UP from 18:00 to 18:03.
Patiently stalking my entry is paying off today – my V puts opened up a cool 44% higher.
Thanks for playing. Fuck the credit cards I hope they go up in smoke