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2024
December 21st, 2015 at 6:16 am
Good morning!
Oil back down below $36 but /NG up 4% at 1.84 still. /NGJ6 back to 2.125 but we'll take it as good progress ($2.14 high).
It's going to be warm again at the end of the week so weather-watchers should probably take the money and run!
Europe took off like a rocket on their open – quite the opposite of what we expected after a flat Asia session and our Futures are up about 0.66% to match at 17,150, 2,009, 4,547 and 1,121.50 so far but I don't see any particular reason for this so I wouldn't count on it lasting. Don't forget it's Dec 21st – most sensible people are already done trading for the year.
I think it was late word of rumored property stimulus in China (which makes no sense as it's still in a bubble) is what popped Europe and the Futures, but that would be a very silly reason for us to be bouncing.
Looks like striking cobra patterns to me – those tend to resolve lower.
Gold popped back over $1,070 and we'll see if they hold it. Silver $14.24 is very nice too and even copper is out of the dumps as the Dollar stops going up: