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WTI Crude Surges Back To $38 Ahead Of API Data
It appears $38 is the new strange attractor for WTI Crude oil as it coincides with the last two weeks' "opposites" inventory data releases. Brent and WTI continue to hug each other for the 3rd day in a row. We await tonight's API inventory data (expected to see a 2.5mm draw) for the next move in crude (and therefore US equities).
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Well. That, and futures hedging on some phony weather forecasts, and you hit the forty dollar handle before you can say " Bob's your uncle. "
Everything is just peachy keen on " The price Is Right. "
Fannie's your aunt at $45 then it drops like a rock again after the holiday travel season blows over
so because zerohedge says that if oil goes up, stocks should go up...
when oil goes down, stocks don't go down...
the one constant in all of this is expansion in the NY FED's daily securities lending ($17 billion) and reverse repo amount ($220 billion), not to mention $270 billion in reverse repos with foreign central banks (to keep europe from tanking...euro from tanking and yields from plunging).
looks like the only function of the NY FED is to provide treasury collateral everywhere and pretend that it is not being rehypothecated/used in shorting treasuries.
Fed will queitly step in and push whatever they need to push.
I prefer that the Fed pushes things up than pushing the chair of the FED :P.
Boyz want it to rally before the end of the year.
Didn't get the Santa clause rally they expected.
It's all about salvaging the indexes and bonuses for year end.
Thumbs crossed. Eather real or rigger data. I don't care. Let that oil inventory be good and I will be making some m0ney tonight. Cha-ching bitchezz!
If you look at the economic damage being done to oil price sensitive nations per $1 it will only be allowed to fall so far before it is manipulated to hold the value that is $38.
Alternatively what is the economic damage to the likes of Saudi for ever $1 drop.
Don't forget the dollar index. Crshing this instant and crude moving the opposite direction, as you would expect if foreign countries - yes we still import crude - won't to get their full buying power out of a barrel sent over here.
Oi vey ! It's up...it's down...it's up...
get me off this goddamn roller coeaster ride already !