Evidently, Bloomberg's newest redesign adventure seems to have spread to its editorial judgement. Just two days ago it was, OIL ENTERS BULL MARKET.
Today it's ROAR EAGLE ROAR.
Meanwhile, featured on Drudge, OPEC is chiming in, too.
Oil could shoot back to $200. Just probably not in time for the new Saudi King to pacify his subjects with endless amounts of €500 notes, not until a long and miserable debt liquidation wrings all the excess out of the economy. Then I would want to be very long energy, metals, softs, grains, and equities.
Elsewhere, at Marketwatch, STIGLITZ SAYS GREECE DIDN'T FAIL; AUSTERITY FAILED. Again, until a long and miserable debt liquidation, expect more of this misguided nonsense from university professors.
There was an unexpected cut of China's RRR by the PBoC. Asia liked it, but Europe seems to have Greece on its mind.
ES Futures:
Moderate weakness, but nothing crazy as yet.
FX:
Largely subdued but for Bloomberg's giant dollar ROAR.
Bonds:
10s once again take the Globex volume trophy.
Energy:
Since oil is in a new bull market already and could shoot back to $200, it's probably not finished bottoming, though that was one hell of a rip. It's down 3% currently.
I took off all USO calls yesterday wishing I had slugged it out just a little longer in the crude futures option pits for the March 52 calls which went from .19 to over $3 in four days vs. mere 2X gains for most of the USO calls.
That's $190 to $3,000 per contract. Max risk -- $190.
Also, the measured move target on the March contract was $43.53. Hit $43.58.
Metals:
Gold, higher unless 1239 fails. A great way to play the rally has been, and continues to be, gold equities. I'm in GG.
S&P Outlook:
Yesterday's rally was impressive with volume and A/Ds quite strong. The 38% level was broken handily.
Cited a confluence level intraday on Stocktwits (2046.70-2050.52) and the index closed at 2050.03.
There still remains a volume shelf at the 2060 area, the 2064.62 swing point, and a 78.6% retracement level at 2069.44.
The wave structure looks impulsive thus far, though in need of a pullback. The nature of the pullback will hold the key to future price odds.
No comments:
Post a Comment