Chart for the road: negative momentum. got to have a good conversation at Thanks giving dinner, if down market before Thanks giving, man oh man....forget recession we go right into depression. politically not financially Peace!
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My comments are for entertainment/educational purpose only. NOT a trade advice.
SPX triangle.. for holiday chop trading tomorrow/Friday.. but as BullBear has been saying SPX daily.. hanging man of sorts.. / evening star "could" be a toppy candle
yea OPEC declare their meeting a success. Hope that has staying power to get us through the inventory report tomorrow. November 30 is when the Vienna deal is supposed to be finalized, so expect more jaw bone triggered algo action until then at least.
In the real world it appears they are talking a 1 million cut from their estimated 33 million production. Problem I see is Iran claims they are ramping from 3 to 4 million, and Iraq claims they are just plain ramping to pay for the war. US shale can ramp steadily, as it has been, if OPEC cuts get oil back to over 50 as Goldman foresees. So at this point two questions. How much of a cut will stabilize prices and will OPEC actually show discipline.
My guess is that the Saudi production takes a big hit to ramp prices next spring as world demand picks up. Then they do the Aramco IPO coming up with a boat load of cash. Then they are free to punish the cheaters on the agreement by once again flooding the market, or at least threatening to. We will see.
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