Saturday, September 17, 2016

Energy Looking Increasingly Bleak

Cracking Crude

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This is mostly a comment cleaner, as you chatty Slopers have racked up about 400 comments from my last post yesterday. My dogs are staring at me, though, eager for their way-too-early-every-morning stroll through the pitch black streets of Palo Alto. Thus, I will share this one chart of crude oil, which has the new front month of November. My view is that breaking 43.59 is the next important event, since that’ll slice us through a trendline that’s been in place the entire year.
As I was typing this, a slew of economic data came in, and early reaction seems to be not-so-thrilled. I certainly hope it sticks, since it’ll mean my prediction of a “second trap” (mentioned in the prior post) will have proved itself prescient.