USOIL,Weekly (week not over)
Lots of stops at the weak demand area near the Feb 2016 low.
Where it goes only the market maker knows.
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Can’t run down production figures that are less than 4 - 5 years old. I can assure you nobody is making money right now. Got a feeling this virus crap is going to end up being the biggest hoax of all. Go back and see what the swine flu figures – 60 million infected in the US, 300,000. admitted to the hospital, 17,000 died. Course we didn’t hear a lot about it cause bammer was the pres and conservatives didn’t politized it. Bad for America – great for the democrat party. Watch the market fly when this crap plays out!!
Trade oil and gold, Al?
That … is an enormous field !
It would appear that shale is barely economic at $50/bbl
LeBlanc sees big reasons for the abrupt slowdown that have nothing to do with the Covid-19 virus.
https://www.investors.com/news/us-shale-oil-boom-threats-fracking-revolution/
Here we go …
- Shale oil costs more than conventional oil to extract, ranging from a cost-per-barrel of production from as low as $40 to over $90 a barrel.
I smiled that they think $40/bbl is low
I have a foreign micro account but even with this high volatility in all markets I’m cautious about any positions. Look at the Dax even. Very wild.
So far the dollar is more contained so I prefer to scalp dollar pairs. Knowing what the weekly charts are doing is highly advantageous even for day trades.
The trend is your friend until it isn’t.
BTW I bought some land in WV years ago with mineral rights and up till 5 years ago Chesapeake Gas was leasing it to extract natural gas by way of fracking. Royalties would have been 8%.!! $$ Unfortunately the Obama administration didn’t allow fracking so the oil/gas baron thing didn’t happen. Even now with Trump, at these prices, it’s not gonna happen. So is life.
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I’m still only trading the EU. Very good year – having to be careful but learning to scalp has really paid off. Been studying the psychology behind how market reacts to news and events and use sources showing COT and the Oanda trade book. The EU rate and news conference did almost exactly what I thought it would yesterday morning. Also got a good trade in after the president’s speech Wed night. Traded the downstroke. Plan to start working on the SPX this fall and trade those two exclusively.
I think it will happen. This virus crap is unbelievable – its a strain of the common cold. Hell, I don’t want to get it but I’d lot rather have it than, say, pneumonia or several other things I could think of. The fear is being stoked all over the world to promote socialism, nationalized healthcare and get rid of conservatives, specifically Trump as he has exposed fraudsters all over the world.
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If you wanna stockpile something buy silver eagles - GSR now 105.
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GSR now 114 FFS - when this blows it’s gonna hurt.
They painted the picture and performed the same old trick. 
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If Rob about ? You catch DAX today ? Had a very sweet first return to the break of monthly open untouched and all virginal since 2013 ! 
Interesting week. Watching the media, you would think we would be dropping like flies. In reality, more people are shot each day in Chicago than are dying with the Chinese flu - nationwide. Folks, when this is all over, we will realize this is the biggest hoax of all to promote bigger government and government healthcare and getting rid of Trump.
Tried couple trades last evening at Tokyo opening – normally get a few on first trading day of the week. Wild - Oanda spreads all over the place. Two trades for a 2% loss - decided to quit till London sorted things out. On the road today so one good trade. Like Stu, play cards close to chest this week. Good luck, gang. Be careful!
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