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
22,158 Blog Posts

THE COMMODITY TRADE IS DEAD AGAIN

WTI is still up on the day — but oil stocks are getting fucking poleaxed today, amidst all of the pomp and circumstance one is accustomed to when seeing a collapse.

Oils across the board are down in excess of 4%, which demands this question:

WHAT THE FUCK IS GOING ON HERE?

It can only be one thing: investoor liquidation based upon fears of a slowing economy.

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13 comments

  1. rigged game

    Everybody with any sense wants to slow down the Biden Boom.

    Our economy can’t stand 3.5% unemployment and 6% growth
    and ten million jobs BEGGING for people to fill them.

    I say open the southern border to MEXICANS ONLY, jab ’em
    in the ass with covid 19 vaccine, and bus them to work picking
    apples, melons and tomatos, and washing dishes.

    If you bring in three million of Mexcuns, DEPORT four million
    black criminals resting in American jails ON OUR DIME.

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  2. fxtradepro

    Powell: I’m going to overshoot on rates

    Sell Commodities

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    • soupbone

      He lies, or at least misleads. Real rates are deeply negative and getting more so. Watch, they’ll pussy-foot around trying to depress demand gently and inflation will have its way with them.

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      • flea

        Real rates are key. An honest society that rewards initiative and endeavor would have real rates at least 4%, If a business can’t make it on 4%, let someone who can have it.

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  3. soupbone

    Commodities are a direct beneficiary of inflation. So unless they kill inflation, even a demand recession will make only a temporary effect to commodity prices. In my opinion.

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  4. purdy

    Fact is that we (or at least I) have no idea what the Fed’s mandate is. Do they want to control inflation? …or promote more of it? Has their past idiocy been idiocy born of vote-buying and funding for deep state warmongering psychopaths’ wet dreams? …or are they trying to melt down the whole of the west on behalf of our deep state warmongering psychopaths and their wet dreams?

    Beats me.

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    • roguewave

      Their mandate is to pretend they are doing something about inflation in a hopeless situation of their own making. If they raise rates again as they say, the economy will shit the bed. Then their inflation fighting mandate goes out the window and they start printing like mad and handing out money in a futile attempt to salvage a few spots in the midterms. Then dollar down; crypto up. Timing as always, may be way off.

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    • roguewave

      wheels will be coming off and bouncing over the divider into oncoming traffic, no worries

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    • soupbone

      Why do they target 2% inflation? It is clearly courting the devil. The waves they make stupidly. Making the agenda employment only, and inflation only when and if it reaches 2% in the up direction.

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  5. asteroids

    Hurricane season is upon us, and winter is coming after that. Think about that for a while. Today’s 4% move is just more fuckery trying to shake out the weak hands.

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    • roguewave

      Refining is a critical issue. Luckily refineries never go offline during ‘cane season.

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