Well, ever since this blunder, oil has been pretty much doing nothing but going up. I’ve tinted the “not in my lifetime” zone.
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Next Two Key Supports for Crude
As I’m typing this, we’re all awaiting the jobs report, so this’ll have nothing to do with it (directly, at least). My obsession with crude oil continues; I’ve tinted the next two support levels for crude (both of which, naturally, I hope are broken). You’ll see selling amplify if either or both of them get violated.
Rock It
Well, it’s a dynamite morning for me (and I could sure use one). I am not as fully loaded as I’d like to be, but my portfolio is up almost three times as much as the market in general is down, and that’s in large part thanks to crude weakening.
Crude’s Uptrend
As a new month begins, the standouts continue to be precious metals. Gold and silver have been so much more consistent than bonds, equities, volatility, or just about any other financial instrument, that it’s no surprise sentiment is so strong.
I’m more focused on crude oil, which has taken on a role every bit as powerful as central banks in determining confidence in equities. It’s been steadily uptrending for months now, making the tinted series of higher lows, but watch that red line I’ve drawn. Crack that, and you could have a trend reversal on your hands.
