Mish’s Daily: Oil the New Gold – Buy When There’s Blood on the Street
Written by Michele ‘Mish’ Schneider
Weaker labor market, manufacturing production slowing, new home prices falling and crude oil inventories rising more than expected are all to blame for the big drop in oil prices.
US also eased sanctions on Venezuelan oil.
That’s the nature of commodities.
Fresh news can supersede older headlines and force the weaker longs out of their positions as we saw today.
Thanksgiving travel will goose demand.
So will the decline in crude floating storage. Tankers holding crude are been at the lowest levels in 2 ¾ years.
India has increased consumption.
OPEC+ will continue cuts of production.
Pick your side. I am going with oil is the new gold.
The futures contract (December) looks oversold and into support at $72.00 per barrel.
The USO ETF chart just broke the July 6-month calendar range high (horizontal green line).
And looking oversold.
More importantly, 67 is huge support so we are close if not at the bottom. And if oil is the new gold, you buy it when it looks awful, sell it when it looks strong.
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Mish in the Media
Making Money With Charles Payne Fox–Mish discusses small caps and how they could still run, the Fed and gives 3 picks 11-16-23
Business First AM-Tencent Music TME 10-27-23
Business First AM Mish covers the Bond rally and how the consumer could save the day 10-24-23
CNBC Asia 11-16-23
BNN Bloomberg 11-17-23
Yahoo Finance 11-20-23
Real Vision 11-20-23
StockchartsTV Your Daily Five 11-28-23
Live Coaching 11-30-23
December 3-December 13 Money Show Webinar-at-Sea
Weekly: Business First AM, CMC Markets
S&P 500 (SPY) 450 clears see 465 Under 450 435 support
Russell 2000 (IWM) 181 resistance 174 support
Dow (DIA) 360 resistance 346 support
Nasdaq (QQQ) 388 must clear and 370 must hold
Regional banks (KRE) 45 big resistance
Semiconductors (SMH) 160-161 now pivotal
Transportation (IYT) 235 support
Biotechnology (IBB) 120 pivotal
Retail (XRT) 65 resistance and 60 pivotal support