The equity market momo-igniters tried USDJPY - and failed. Then they tried XIV - and failed. So what next? WTI crude of course which has just exploded back to Friday's highs, with Brent Crude also breaking back above $50.
[6]
It appears the catalyst this time may be a stray OPEC headline:
- OPEC READY TO TALK TO OTHER PRODUCERS TO ACHIEVE `FAIR PRICES'
And then one asks: what OPEC? Didn't Saudi Arabia destroy the cartel last November.
For now, however, welcome to the Penny-Oil market:
[7]
Friday high stops have been run - now run to the lows to test those stops?
Finally, let's not forget that today is month end for the person many expect will be oil's second casualty in one year - Andy Hall, who late in 2014 blew up once already, and should oil have continued its gravitational descent, would have been in line for a second hedge fund closure in under 12 months. So is it just month end window dressing by all those underwater commodity managers? Why, of course.
