Curious Oil Move and Quick Market Update
Crude Oil Breakout?
Pre-FOMC we see a bit of a muted trade this morning in fixed income land with the yield curves relatively flat. Once again the Nasdaq is the weak link in equity land today. FX is mixed with the Yen up marginally and the Euro the weakest. Metals are mixed with Copper up, but Gold and Silver a bit lower. One thing we did want to point out is the energy complex. We talked about Oil busting above our $76 area we are seeing a continuation of this move today, we will post this chart after the market overview here:
As far as the Crude Oil chart here is the Sept. Futures, this is most likely momentum and trend buyers, so let’s see how the dust settles, $76 becomes are new support now and failure point of this breakout:
Finally we saw this chart on Twitter (X) from @tavicosta of Crescat, we love his work, so we added our quote at the top “but this time is different!”
With a global recession almost certain, we can’t help but think its 2007 all over again, however with Oils move, are we looking at a larger military movement in Ukraine? Something doesn’t smell right with this Oil move…time will tell as it always does! Ok we will be back at the end of the day with our Subscriber only trackers and settles, plus a review of the MEGA8s Tracker, where it seems the tide has changed and AI has now fizzled! This is a free access post, so feel free to share and subscribe to our work. Our goal is simple, to give you a comprehensive overview of financial markets that we follow, to explain their movements with technical and fundamental acumen and to vastly improve your overall understanding on how our monetary system works and drives our overall asset prices. Thank you to all our supporters who are now over 300 of you and we look to continue to grow this! We are all in this together and together we shall succeed!
DISCLAIMER: For educational purposes only. This is not a solicitation to buy or sell commodity futures or options. The risk of trading securities, futures and options can be substantial and is not for everyone. Such investments may not be appropriate for the recipient. The valuation of futures and options may fluctuate, and, as a result, clients may lose more than their original investment. Nothing contained in this message may be construed as an express or an implied promise, guarantee or implication by, of, or from the author Michael Agne owner of Magnelibra Capital Advisors. Magnelibra the CTA and its Global Futures Benchmark Program may hold long and or short positions in the various futures and markets that Magnelibra covers. We will never claim that you will profit or that losses can or will be limited in any manner whatsoever. Past performance is not necessarily indicative of future results. Although care has been taken to assure the accuracy, completeness and reliability of the information contained herein, we make no warranty, express or implied, or assume any legal liability or responsibility for the accuracy, completeness, reliability or usefulness of any information, product, service or process disclosed.
ALL RIGHTS RESERVED 2023