Well, we’re off to quite the start just half an hour into the trading week. The small caps /RTY is down nearly 100 points, which is about 4%:
Sunday Futures
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.
Sunday Sniffs
As of this moment on Sunday morning, it looks like yet another red day (crude oil notwithstanding) on the market Monday morning. I continue to track Bitcoin closely, which is slowly bleeding out. I repeat once more my insane target of $25,000.
Choking the Economy
News of Hormuz
The Bigger Picture on … Oil
Over the last year on my The Bigger Picture videos I’ve been watching a potentially very bullish setup form across the oil markets and I was planning a post on that this week before the expected attack on Iran. That attack happened earlier than I expected on Saturday so I’m doing that today.
Before I look at that though, I’ll go through the reason why this conflict in Iran could cause a really serious problem in world oil markets in coming weeks and perhaps months.
World oil demand is currently about 105 million barrels per day. In the absence of major supply issues there is currently a surplus of two to three million barrels per day in oil supply above that demand level which is the reason that prices have been soft and kicking around the big support area at $50 to $55 in recent months.
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