We had every reason to rally today and now we are steaming lower. Russia announced FULL STOPPAGE of gas to Europe today citing repairs needed that are being delayed by western sanctions. Obviously this is nonsense.
I have been trading more than I should today since I’m in Boston and with the family. But a trader has to trade no matter what. This is my job SWEETY; you’ll just need to learn how to deal with it.
I’m 75% cash, 10% TZA up slightly for the session — just trying to avoid a weekend ruining session.
If you enjoy the content at iBankCoin, please follow us on Twitter
EU energy crisis ends Sep 9.
That’s when Roberto Cingolani, Italy’s Minister for Ecological Transformation will be part of discussions at the meeting of EU energy ministers. (We know how productive this meeting will be, simply from his title.)
They will just cap gas prices. End of story. They will not pay more than x, period.
In the Oct meeting they will discuss what to do if no one will sell them gas at x.
Nothing is improving on any front at this time. The expectation of improvement around the corner is a relic of survival instincts. Except for regime change there ain’t much to get up about.