WTI, Oil, /CL, and Ask A Weatherman?
Over at a financial forum...
Given the VXX and VIX happiness mentioned Tuesday and Monday at length, keep calm and keep buying? or are too many too complacent?
We had brought up on 06/30, 07/01 and 07/03 the /CL target of .763 potential retrace at $49.81.
Could be down for the next 14 trading days? Could be down for the next 14 trading days? Gravity takes its toll. What's the weather gonna be like? Look out a window... viz. heed the lines, watch the trends, big and small.
We still suspect the Sept FOMC meeting brings a raise and perhaps a definitive date for the start of balance sheet reduction. Dec FOMC another raise. As for any other exogenous factors, one could ask a weatherman.
A reality check is long overdue, August? Perhaps. September? If the FOMC follow suit, perhaps the wheels get set in motion for October? Then again, this market could just keep rising until early next year and Out.
Craigs - "Nat- I seem to recall that you were seeing signs that we would see trouble in August. Just wondering if you're still feeling like this is imminent or have you seen something to change that ?"Other than morning glory and a daily constitution, we feel nothing imminent. Others had expressed August timelines for a correction, which we had commented on.
Given the VXX and VIX happiness mentioned Tuesday and Monday at length, keep calm and keep buying? or are too many too complacent?
We had brought up on 06/30, 07/01 and 07/03 the /CL target of .763 potential retrace at $49.81.
/CL – After hitting a 10 month low, last six days, short covering in oil at the expense of tech stocks being sold to cover margins. Dollar dip means lower foreign prices in dollar terms.... My spider sense says weaker shorts took profits. Now, to flush the die hard shorts?
The last dip (52.22 down to 42.05 = 10.17); If there is more squeeze on the shorts... a potential 50% retrace to $47.13; or .618 = $48.26; or .763 (1 – .236) = $49.81. FYI, .763 was the retrace on the last dip.When asked what the "driver" could be, we commented on 07/25...
The total solar eclipse on Aug 21st? How about sheer numeric gravitas? Works for me.And that it usually does, as on 07/28, we noted all the targets had been hit.
Friday closing 49.80. All those levels have been hit during a 27 day retrace. Should be interesting next week.Since, /CL topping out at 50.31 on Aug 1st and magically gravitating back to and around the 49.80 level. Up or Down cycle next?
Could be down for the next 14 trading days? Could be down for the next 14 trading days? Gravity takes its toll. What's the weather gonna be like? Look out a window... viz. heed the lines, watch the trends, big and small.
We still suspect the Sept FOMC meeting brings a raise and perhaps a definitive date for the start of balance sheet reduction. Dec FOMC another raise. As for any other exogenous factors, one could ask a weatherman.
A reality check is long overdue, August? Perhaps. September? If the FOMC follow suit, perhaps the wheels get set in motion for October? Then again, this market could just keep rising until early next year and Out.
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