evening wrap
market vibes
January 21…
“I didn’t come here and I ain’t leavin.” Willie Nelson
No comment could more aptly reply to Yellen’s oil sanctions than this chart of the WTI Feb-March roll. True… today is the last trading day for Feb, but a squeeze was the object of her parting adieu. lolol… This is not that.
As for the rest of the NYMEX oil complex…The March rbob crack never rallied.
The heat crack rallied on weather. Meanwhile, in the Kabuki of crude, Trump is planning a takeback of the Panama Canal via the Gulf of America, opening up drilling in ANWR, colonizing Greenland, and meeting with Putin. And it’s only Tuesday.
NDX futures and S&Ps (chart below) have finally turned technically positive albeit on low volume and light positioning.
This flat price chart of March WTI reads like Dick and Jane. The markets started getting mysteriously long on January 2. Whoever that was sold into the news in big size when she announced the sanctions on January 10. Shorts covered and open interest fell like stone.
The POC (point of control) for March WTI is sub $70, closer to $68/ barrel.
Stocks are up next. Plus an interesting perspective on gold and silver deliveries and inventories Bitcoin on the highs and Canadian dollars on the lows. Quick and easy tonight. Here we go!
