Global Market Comments for July 9, 20081) Iran fired nine medium and long range missiles and crude did nothing. That says a lot. Last week this would have taken crude to $150. What a difference a week makes! Oil is now enjoying what economist call 'perverse elasticity'. The higher the price goes, the more people
Global Market Comments for July 8, 20081) Crude fell another $6 to $135, taking it down $10 in two days. The sell off spread across the entire commodities sector, taking corn -8%, soybeans -8%, wheat -7%, and copper -4%. All frothy, market top type price action. Producing stocks, like Mosaic and US Steel, fell more.
Global Market Comments for July 8, 20081) Crude fell another $6 to $135, taking it down $10 in two days. The sell off spread across the entire commodities sector, taking corn -8%, soybeans -8%, wheat -7%, and copper -4%. All frothy, market top type price action. Producing stocks, like Mosaic and US Steel, fell more.
Global Market Comments for July 7, 20081) Crude fell $5.50 to $139.50 and the stock market fell. A great example of?? heightened fears amplified by summer illiquidity where things don't make sense. Oil is now the holy grail of trading. The trader who calls the top on this one will make his year, decade, and
Global Market Comments for July 7, 20081) Crude fell $5.50 to $139.50 and the stock market fell. A great example of?? heightened fears amplified by summer illiquidity where things don't make sense. Oil is now the holy grail of trading. The trader who calls the top on this one will make his year, decade, and
Global Market Comments for June 26, 20081) The president of OPEC predicted that oil would soon hit $170/barrel. Crude rocketed back up to $139, the top end of the one month's trading range. Traders piled in on the short side with tight $141 stops to play the range for the tenth time. You can buy
Global Market Comments for June 26, 20081) The president of OPEC predicted that oil would soon hit $170/barrel. Crude rocketed back up to $139, the top end of the one month's trading range. Traders piled in on the short side with tight $141 stops to play the range for the tenth time. You can buy
Global Market Comments for June 25, 20081) Weekly crude inventories fell 1 million barrels vs. an expected build of 900,000 barrels. Crude fell $6 from $138 to $132. See my earlier trade of the month to short deep out of the money crude calls. The Dept. of Energy put out a forecast that crude could
Global Market Comments for June 25, 20081) Weekly crude inventories fell 1 million barrels vs. an expected build of 900,000 barrels. Crude fell $6 from $138 to $132. See my earlier trade of the month to short deep out of the money crude calls. The Dept. of Energy put out a forecast that crude could
Global Market Comments for June 24, 20081) Rumors of an Israeli attack on Iran drove crude up to $138. It then fell back to $136. 72% of US consumers now want to buy a hybrid car but will have to contend with a long waiting list to get one. 49% are willing to pay a