Oct 29 to Nov 3, 2017 Weekly Analysis
Well if you paid attention to my Dollar long scenario these past two to three weeks you finally got rewarded nicely this week. Don't think that this is an all of a sudden change in policy that reversed the markets as this was baked into price action a few weeks ago. The Dollar has a bit further to go before you can start to think about the possibility of profit taking although I would book some in the EURO and AUSSIE if you have been riding them down as I have been telling you to do.
I see some extremes in Copper and Gold for moves down from where they are now. Especially copper and this may be the area where Ten year treasuries bottom before heading higher again. Longs have been cleared and we should see a reversal very soon. Retail speculators are heavy short. If you are swinging treasuries this is now the time to be looking long.
If you are an oil trader you are reaching the point where the markets may reverse and reverse sharply. This is not the time to load up on longs. There is no reason to believe that the markets won't follow the same pattern they have for the past three years. This is the area that I begin to look for long term shorts. Don't believe all the nonsense about oil racing higher and higher. It isn't likely to happen.
Could it reach 60 a barrel?
I suppose. However this is the area that you are chasing a few bucks higher and risking a big move to the downside against you. That is not how I have been teaching you to trade. A highly indebted society cannot handle high oil. It is that simple. So in seeing the Feds action plan I would think they will do what they have been doing. Holding it between 60 and 40 a barrel.
I see some extremes in Copper and Gold for moves down from where they are now. Especially copper and this may be the area where Ten year treasuries bottom before heading higher again. Longs have been cleared and we should see a reversal very soon. Retail speculators are heavy short. If you are swinging treasuries this is now the time to be looking long.
If you are an oil trader you are reaching the point where the markets may reverse and reverse sharply. This is not the time to load up on longs. There is no reason to believe that the markets won't follow the same pattern they have for the past three years. This is the area that I begin to look for long term shorts. Don't believe all the nonsense about oil racing higher and higher. It isn't likely to happen.
Could it reach 60 a barrel?
I suppose. However this is the area that you are chasing a few bucks higher and risking a big move to the downside against you. That is not how I have been teaching you to trade. A highly indebted society cannot handle high oil. It is that simple. So in seeing the Feds action plan I would think they will do what they have been doing. Holding it between 60 and 40 a barrel.
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