Only the Lord knows (and even there, I have my doubts) what the markets will be like by Monday’s opening bell, but at the moment, crude oil is flying higher like a bat out of hell:
Second Rumble
Slope of Hope Blog Posts
Slope initially began as a blog, so this is where most of the website’s content resides. Here we have tens of thousands of posts dating back over a decade. These are listed in reverse chronological order. Click on any category icon below to see posts tagged with that particular subject, or click on a word in the category cloud on the right side of the screen for more specific choices.
Light Crude Oil Breakout Imminent
Senator Lindsey Graham unleashed a series of tweets Saturday morning after learning of drone attacks on Saudi oil refineries.
I’ve yet to hear whether the Saudis will blame/have blamed Iran for the attacks and whether war will eventually be declared against them. It’s been reported that, “Houthi rebels – who are backed by Iran in a yearslong Saudi-led war against them in Yemen – have reportedly claimed responsibility for the attacks and have vowed that further attacks could be expected in the future.”
(more…)Commodity Cycle
Commodities have been strong for weeks now, but the price gap (marked in red) represents, to my eyes, an important point of resistance.
Out of the Hole
One of the most badly-battered sectors of the market has been in the oil and gas space. The XOP, shown below, actually pushed below its lowest prices in history, including the depths of the financial crisis, just yesterday. I’m not buying it, but I thought I’d at least share the chart for your examination.
Mess with Texas
In this totally fake, propped-up, fraudulent equity market of the past decade, one part is such horrible condition that even the pinheads in D.C. can’t prop it up is the oil and gas exploration sector. The ETF for it, XOP, is actually at the lows of the financial crisis. How many things can you say that about? I’d say it’s a whole integer that rhymes with the word “hero”. Prepare for a break to lifetime lows in the near future.
