Major Selloff After Dipping Below Our Inflection Point
Some major selling rook place after we saw the price dip below our major technical level I spoke of yesterday.
Shorts are raking it in with oils prices dropping so much. Crude has dropped well over 15% since I called out the bearishness in oil markets over a month ago. Stay tuned for more opportunities like this one.
Bad economic conditions worldwide have been killing oil demand. All of the bad economic news had been good for equities but has been terrible for the oil market.
For oil prices to jump back or get any kind of rebound, then we need to see improving economic conditions, an escalation in the Middle Eastern conflict, or actions by OPEC that affect oil supply.
Until we see any of this, oil should stay on the current trajectory that is currently headed.
Follow the trail of links in my post to see the many bearish comments I published as oil markets have been crashing.
$Crude Oil Futures(JAN5) (CLmain.US)$ $Direxion Daily S&P Oil & Gas Exp. & Prod. Bull 2X Shares (GUSH.US)$ $Energy Select Sector SPDR Fund (XLE.US)$ $Spdr Series Trust Spdr S&P Oil & Gas Equip & Svcs Etf (XES.US)$ $SPDR S&P Oil & Gas Exploration & Production ETF (XOP.US)$ $Brent Last Day Financial Futures(JAN5) (BZmain.US)$ $Energy Select Sector SPDR Fund (XLE.US)$
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