CL and PA: Commodities sold off big on Friday due to the continuing strength of the USD and $50 billion tariff announcement. Much of the sell off was showing in the charts but news always helps as a catalyst. Oil is in a short term pullback. A similar situation happened in 2007 and prices kept rising after. After the OPEC meeting this week could be a good chance to go long again depending on how big of production cuts they are proposing. Since the glut is gone oil could potentially rise significantly more as long as global growth does not slow. The Iran sanctions will also take time for the market to see the impact. OPEC has only signaled they wish to raise production in order to make up for Iran and Venezuela. They also need oil prices to remain high. Palladium chart is signaling further potential price declines. I might add depending how it looks next week. Metals specifically gold has done terribly since April I was wrong about it. Too many factors are pulling it down that relate to monetary policy. If the feds stance changes then it will likely be a good buy. Stocks looking good for now. The Feb selloff looks like it was just a correction. SP and Dow are still lagging behind though. Potential short could be forming this week. ECB has also signaled they will be ending QE at the end of the year. Its amazing how they have had rates so low for so long. The central banks are setting themselves up for disaster. #crude#wti#brent#commodities#palladium#metals#stockmarket#financialmarkets#tradewar#opec#profits#trading#trader#forex#futures#derivatives#technicalanalysis#fundamentalanalysis#knowledge#nevergiveup#keepgoing#desire#intermarketanalysis#bullmarket#centralbanks
This week we will continue to hold our Kiwi short which is currently sitting at +1%.
I’ll be keeping a close eye on the DXY as price ended the week testing key Daily structure at 95.00
Facebook is likely to test $200 which will then provide an opportunity to trail our stop loss and protect profits.
We continue to hold Snapchat for the long term so no adjustments required.
Facebook & Snapchat +37.65% combined.