as the U.S.economy starts to weaken just before China Bubble Burst.
Oil markets remain oversupplied as between 1 and 2 million barrels of crude are being pumped out of the ground every day in excess of demand, leaving storage tanks around the world filled to the brim with unsold fuel. "The energy complex remains volatile ahead of the 1Q16 reporting period which will likely be worse than what we thought was already an ugly 4Q15," U.S. investment bank Jefferies said. For the near term oil direction is down possibly to the low $30's a barrel.
Yang (China Bubble), Tvix (U.S. bubble), SCO (oil bubble)
Now the only question is which Bubble burst first, second or third. Don't know but there all lined up at the gate ready to POP.
so place your best accordingly.
and you thought the IBM, Netflix, Intel, sell off news was big. HA
Dow drops 300 points tomorrow as everyone realizes "Its CORRECTION" time.
Watch all (long Spy) players head for the exit at the same time tomorrow and send share price down $206 - $205. Sure looks like it "sell in May and go away" NOW.
Google and Msft huge miss on earnings as both head for the showers with stock down big time in after hours.
and soon it will be "sell in May and go away".
Tuesday - API report shows increase in oil inventories - oil $35 a barrel
Wed. EIA Report - Increase in U.S. crude supplies - oil $32 a barrel
Thursday - Kuwait settle union oil strike - oil $29 a barrel
and I could throw in Saudi Arabia increasing production but I don't want to give Oil longs a heart attack.
the bad news is Monday morning everyone sells their long position in oil as the black liquid sets it sights on $35 a barrel at Market Close. TIMBER
Should test $35 a barrel tomorrow as everyone heads for the exit at the same time - dumping their "long" oil position and going SHORT.
Uwti mid teens tomorrow or lower. Not sure but bottom line its going to be a TRAIN WRECK.
but at least they can place pictures of the Doha train wreck on their bedroom ceiling. Talk about Major Nightmares tonight.
When that happens oil will be in the low teens and Drip will be $100 (plus) a share. You can book it Dano.
for an easy double - if not more. Oil heading to new 52 week lows as Opec fragments and everyone looks out for themselves. The mother of all Oil corrections hits tomorrow so "Short" Oil Hand of Fist at 6 am tomorrow morning. It might be the best financial move you ever made.
Saudi Arabia demanded on Sunday that Iran join a global deal on freezing oil output, jeopardizing an agreement between OPEC and non-OPEC producers that was supposed to help ease a glut and prop up the price of crude. Of course Saudi's demand fell on deaf ears in Iran since blood is thicker then oil.