It turns out, Vlad was behaving today in his “annexation speech” of Ukraine
provinces into Russia “forever” … no talk of nuclear war or an escalation in the
current fighting, at least in so much as it would shake up oil traders … that led
to some disappointment among oil bulls, that the world wouldn’t end just yet,
and time to get out of some long positions … add to that, it’s end of month, end
of quarter, and OPEC+ meets next week, for what is generally expected to be
production cuts in the 1 million barrel range … take all of that and spread it out
on the financial Ouija board and you got today … ughhhhhhh!
Looking at the day’s range, and it’s biz as usual, coming in at a respectable $3.34
[so far], but since about 8 AM EST, to now slightly after 2 PM EST [about 6 hours],
it’s about $1.60 from the tips, and a whole lot less from tradeable prices … so
while the Asian session gets its moves, the U.S. session gets mostly
Mr. Jack Squat … throw in some of that yummy “Flying Wedge of Death” [FWD]
bullshit on spike trips to either tip, and if you’re not careful this uneventful day
could turn into one Helluva clusterfark of losses … and as if we needed it, even
most of the buy signals in crude today were “red flag” affairs I wrote about
yesterday, creating an environment today that saw way too many
“false positives” for my blood … and, that’s what happens when VIX comes in
and you don't get the necessary volatility in crude you expect or need … quite
frankly, it’s Friday and nobody gives a shit, now that we aren’t gonna have
nuclear war over the weekend! … thanks Vlad! [I think]
Quite frankly, I’m a little surprised we got a day like this … didn’t see this
funeral procession hitting today … after that 3 minute “Thelma & Louise” cliff
dive right before the NYSE open, followed by a “V” shaped bottom, the rest of
the day has been Midnight at the nursing home … plenty of sleep and not a whole
lot of action anywhere … the crude oil trading algorithm is not designed to catch
or capture “V” bottoms, so that bottom never gave us a buy signal … taking that
cliff dive away, and the 6 hour range so far is about $1.50, and not something to
get overly excited about.
No trading today for the PAMM in crude oil … as I said, didn’t think I’d be writing
those words again so soon … it is what it is, though, and if it doesn’t wanna play
ball, all that’s left is heartburn for us … “Stock Bellies”, RE the “Spoos”
threatening the 3600 level, as “Stonks” sink lower still, and this has a definite
“risk off” stench to it crude finds hard to ignore for a rally … just another “fly in
the ointment” for today’s trade.
All in all, we just need better action, and we’ll get that next week … blog update
on Sunday … OUTTA HERE … “The future’s so bright I need 2 pairs of
sunglasses 😎😎, and my own Brinks armored truck” 💓!!
… Onward & Upward!!
-vegas
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