Oil at another pivot. Gold sensing a rate hike, heading lower. USDJPY also sensing rate hike, and if dollar strengthens, oil lower result. On its own, oil wants to go lower from here. The "talk" is cheap, of production cuts. And do they think they can create demand by making less of it? Too many forces still i.e. green energy, warmer winters, etc. And if they do, inflation rises, but fed will keep that in check by raising rates for sure, putting even more pressure for lower oil prices. Oil goes nowhere without a lower usdjpy. And if that happens, markets will slump, and fed does not want that for sure until the election at least. This is all set up for a december fed hike. And BTW, if you check my elections effects chart, usdjpy at its 4 year pivot and huuuge support level moment again, and if usdjpy goes lower November 9th, rate hikes (yes hikes) , oil lower, markets crash. All of course IMO, and only IMO, careful, very careful trading all.
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Oil up this morning, watching correlations carefully... Syria tensions getting worse, may effect price a little, increase oil vix, everyone but usa wants oil higher, and if that happens, dollar strengthens, all other currencies wants that too, but if oil higher, inflation now validated, fed rate high for sure, controlling inflation biggest concern., and markets will head down quickly. So usa may do whatever it takes to keep oil lower until election. Cat and muse games getting crazy. Tensions growing everywhere, not a good set up, markets dont like high vix, and usa media keeping tensions quiet. Russian TV talking nuclear over syria?? yikes.
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and watching inventories report today.