For a moment, yesterday, it almost felt as though markets weren’t being guided every step of the way. CL was actually dropping — in sync with reality. USDJPY was actually dropping — in sync with reality. And, stocks got all the way down to our 2nd downside target.
That was then. This is now. With CL within 0.16 of a believable turning point, TPTB decided enough was enough. CL turned tail after the close, and is currently backtesting the SMA100. Mark it down as yet more evidence in the “someone’s manipulating CL” case. By the way, Zerohedge has run a series of articles regarding JPM’s role in levitating CL — for purposes of averting atrocious losses in its energy loans. Great food for thought, though I would add BoJ, ECB and SNB to the cast of characters who might well be involved.
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