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A new scam emerges: A news scam emerges:
Bloomberg: The Hot New Statistic Oil Traders Are Watching Is 71 Years Old
Those trading light, sweet, and sometimes crude oil last Friday may recall this little order flow anomaly right at Noon Chicago time – a very nice little jagged ‘M’ formation:
I’m in total agreement that grease monkeys need not get excited unless they rip apart 5430s. However, this week marks the first in many weeks that WTI has rotated right back to where it all started – the Weekly Opening Range (WOR) that was set Sunday night:
Experts are saying oil will head to $200 or $20 – pick a side. Meanwhile, it’s been a nice bullish week and we’ll change our minds if they start breaking down weekly opening ranges again.
There’s no point in having a bias, only order flow 😉
One nice tidbit of evidence for the deflationary environment in which we live is the ETF devoted to agricultural commodities, shown below. I’m not buying it myself (actually, I’m not buying anything) but those inclined toward purchasing something near what looks like channel-based support could do worse than this one:
The following Weekly chart of Copper shows that price has broken below a major support level of 2.5517 (confluence of Fibonacci Retracement, Fibonacci Fanlines, and downtrending channel) and is hovering above price support level of 2.385.
Failure to reclaim and hold above what is now major resistance at 2.5517 and a drop and hold below 2.385 could see Copper plunging to 2008 lows of 1.255.
We all crave a market that trends persistently. Over the past six years, with all the insane interventions going on around the world, it’s tough to secure a trend (particularly on the short side) that lasts more than a couple of trading sessions. But stand back, everyone, and take note of what commodities have done consistently for over FIVE MONTHS.
One can only imagine the billions of dollars lost along the way by people trying to “buy the dip”. It does my heart good to see so many bulls getting blown up. At least there’s one segment of the global economy where bears dominate. God bless them.
