Bumbleberg's (Bloomberg's) calls for $100 oil suddenly falls on deaf ears, now that all but the most completely undisciplined oil bulls have been forced to sell their long positions, and the script has suddenly changed to "Oil crash" - according to the pump money's @ CNBC.
Did I not see this coming as clearly as the reversal in Tech stocks, as the lame stream media was pumping a new AI boom? I know, nobody likes an "I told you so", but.... It just goes to show; you can never trust the lying kleptocrats in the lame stream media.
Off Topic: Ukraine
Speaking of the kleptocrats ie the Kleptocracy masquerading as a free press, as well as our elected government.
Kleptocracy (from Greek κλέπτης kléptēs, "thief", κλέπτω kléptō, "I steal", and -κρατία -kratía from κράτος krátos, "power, rule")
CNBC Fast Money
Bloomberg Weighs In
These people get really upset when you start calling for an end to funding (political campaigns, and the perpetual war (driven) economy) whatever the cash cow of the day happens to be.
To be fair: these Venomous attacks are not only coming from the left, but also the right, because both sides of the aisle love a continuous supply of dirty money....
That's right; both sides of the political party otherwise known as the one party system, have been screwing the American public for almost as long as I can remember. It doesn't matter if your name is McCain, or Feingold, Bush, or Clinton. War = Money. Money = Power. Power corrupts, and "absolute power corrupts absolutely"!
Getting back to the Oil Trade
It's a little soon to be calling this a crash, but that didn't stop CNBC WWE from leading with that story, and even Bloomberg was seen trying to make more out of it, than it is - a 1 day sell-off of 5%.
Gloomberg points to a 2 day crude oil chart, in order to make it sound worse that it is. Never trust the lame stream media hype. #Oil #CrudeOil $USO $WTI #Breaking pic.twitter.com/A3vishWEMf
— Veteran Market Timer (@3Xtraders) October 5, 2023
This may turn into a crash, but it's just way too soon to say....
What the Charts Say
After analyzing the charts, and looking around at all the bulls on Twitter, still in denial about the situation, I decided not to swing trade into a bullish oil trade.
2 Tweets of Interest
Oil bulls trapped:
#Oil bulls trapped https://t.co/7TOTlILM7n
— Veteran Market Timer (@3Xtraders) October 4, 2023
Who done it:
Whoever pulled the rug on the oil trade, knew what they were doing, and I'm afraid they aren't finished with it.
— Veteran Market Timer (@3Xtraders) October 4, 2023
Timing: I figure the pro traders who took oil down, aren't going to be finished with it, until Friday, when they collect on their bearish Options.
I'm surprised they took this long to take oil down, since it's already the holiday shopping season, but I suppose, as long as gas prices tumble, it's going to free up some cash for holiday spending, and help ease inflation, just ahead of another election.
The Broader Market
Trading the broader market is like a walk in the park compared to trading commodities. The broader market still looks pretty good here, but I think we're bound to see another shakeout on Friday, and Apple still needs to pull back....
These fast money clowns can't even read a chart. Wait for $AAPL...https://t.co/rb5Claa4io
— Veteran Market Timer (@3Xtraders) October 4, 2023
I'm not offering free targets to $SPY traders, but I can tell you that the broader market isn't broken.
$NYSE New York Stock Exchange
Furthermore:
All the talk of the market being "oversold" is hogwash, and the $VIX could barely even poke its head above 20. So far, this sell-off amounts to a big fat nothing-burger.
If it begins to turn into something more, I'll let you know, but I think we can count on the criminals who run this game to drive equities higher into the end of the year, as planned.
Take Care, AA
No comments:
Post a Comment