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Thursday, October 5, 2023

Oil Crash

 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") 

A Kleptocracy is a government whose corrupt leaders use political power to expropriate the wealth of the people and land they govern, typically by embezzling or misappropriating government funds at the expense of the wider population. wikipedia 

CNBC Fast Money

I didn't intend to go off script this morning, but everyone seems to be talking about the ousting of the former house speaker Kevin McCarthy. Even CNBC fast money took the opportunity to chime in on how important "funding Ukraine" is, and after all, this is what all the outrage is really about. 

Bloomberg Weighs In  

If you happened to miss Bloomberg's personal attacks on Rep. Matt Gaetz, yesterday, it was really something to see!  I was really impressed on how he handled himself, as they went 2 against one - tag-team style in this interview!   

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%.  

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:

Who done it:

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....     

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 


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 


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