evening wrap, july 9
market vibes
The latest SOH redux got poor reviews from the critics in NY on Thursday. Whatever war premium the IRGC may have been hoping to reflate with a few well-aimed rockets, wilted in Asia and vanished in London. By the time the pit session settled on the NYMEX August WTI was 6.5% off the night session highs at $71.50/barrel. There were no new hostilities reported.
Technically, WTI volume fell 50% from Wednesday and responsive selling on the rally found a dearth of liquidity. No one wants to be long oil on another IRGC car-jacking, in my opinion. Mediators are working on new talks. More on that in the vibe.
Silver has stopped going down. That does not mean it is going to go up. It might go up because it’s quiet on the lows but not until the SOH is settled and we get CPI out of the way next week. If oil breaks $68 the dollar could weaken before CPI. Maybe. Silver is looking for a horse to ride. Something to keep in mind if oil breaks lower.
