the big swinging ...
market vibes
March 4 …)
In the news
The Democrats are voting on the War Powers Act today. No doubt on the outcome of that. China is pressuring Iran to open the Strait. There is a plan to mitigate high oil prices but the SPR is off th table. Peter St. Ong on the new CNN … Korea got hammered on the oil pop. Goldman’s Soloman is surprised by “Benign markets.’
Hegseth is speaking live from the Pentagon with updates… “Unlimited force coming. We’re just 4 days in.” WTI is falling as he speaks…
In the markets
Since oil is acting kinda flabby, let’s start the day with bitcoin. The up wiggle is developing higher nicely. The green line is the 55 D MA and what I would call the 1st objective. I have no narratives to share. In fact I’d rather not confuse the evolving technical picture with noise.
NDX futures are holding the 200 D MA and seem poised to rally because oil just won’t sing in the choir. So far… the sky just ain’t falling. Man… imagine all that vol burning like an oil fire (sorry!). A few more days of this and well… this war might be the best thing for stocks since the pandemic.
April WTI is down after a 2 day frenzy of high volume and panic…
