NG under 2 according to Fisher with oil selling off a bit then reversing, I thought the Iran premium idea was interesting. Still likes CCJ as well.
hmmm so looks like Fisher is bearish primarily because he said no one could tell him why it was going down...I thought he would say something like that.
He said Nat Gas under $2 in the fall which is when nat gas supplies are at their seasonal highs and when hurricane season is over. For those of you that don't follow nat gas, it has a tendency to have huge spikes during hurricane season and therefore tends to have a premium put in going into hurricane season. That premium comes out at the end of hurricane season which is Sept and Oct.
Day 1 post socialist France, it appears the Dow holds the line. Moves in the currencies happened during the Euro session. What's your take?
France has always been socialist. LOL. All I can do is trade off the ACD levels. For now, the QTR levels have held across the board.
Yeah Fish brought up one of the points he made in his book. And one that I believe has a lot of merit. If something is going up or down and can be easily explained, the move is at best suspicious and at worst, a trap. It's when you get large moves that don't make sense and no one has a logical reason for it, those are the real moves. I see this every day. Case in point being the bond move I called last July. Going into the debt ceiling debacle bonds were catching a strong bid and no one knew why. It was a forgone conclusion that bonds were going to crash after our debt rating was to get downgraded but price did the opposite. And that was the move of the year. So until someone can explain what is happening in crude, I would not get long. BTW, there are no explanations for the rally in nat gas either.
Tomorrow we have the tightest pivot in over a month in nat gas at 3 ticks. It is not 3 consecutive smaller pivots, but just a tight pivot.