Crude Oil Continues To Move Lower
Crude Oil continues to move lower even after a record production cut from OPEC a few days ago. Notice the huge volume coming into USO which is the ETF for crude oil. You've just got to love these low oil and gas prices!
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4 comments:
Couple things, Kevin. The exponential rise in volume is a significant indicator of a mania chart being unwound. Until this volume subsides, oil is a sell IMO. There can be no doubt that oil was a speculative mania at this point...
Also, yeah, lower oil prices are great and everything but they indicate a global economy in massive decline so if you have plenty of cash or are living on a safe, fixed income like social security, etc. then for now you are doing just fine. But if you are a working stiff then this is very bad and the deflationary crash it is signaling will mean pay cuts, benefit loss, and job cuts. Anyone without a cash buffer right now is on thin ice.
Kevin,
So something about "distributions" happened to QID and SMN today, I am sure it stopped your position out... but what does it mean?
Not sure what you mean...I am short the Q's
These low prices are good for now, but not for the future! Think about the investment in future output that won't happen now. Then we will have a new crisis.
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