Much to the delight of consumers and economists, oil and gasoline prices have been steadily falling for the past five months. In fact, both petroleum products are currently showing double-digit decreases from their recent highs. It’s an occurrence that is not only being credited with helping confidence, but also with saving the holidays, since shoppers can spend money on gifts instead of gasoline.
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But that could all change, says Bill Baruch, senior market strategist at iiTRADER.com, who’s in the midst of a year-end strategy he says works 8 out of 10 times.
“We like gasoline (RBZ13.NYM). We’re getting our clients in,” Baruch says in the attached video.
“If you buy (gasoline) in December and hold it through (first week of January), it’s successful 82.6% of the time. For us it’s no brainer with the seasonal play here,” he adds.
There are other factors that are keeping this Chicago-based trader, and others like him, on edge right now. Rising inventory data continues to reflect weak overall