RE:Yoyo tradingHighOctane89 wrote: Hold on to your hats , looks like we're going back up . There has been no real demand destruction , central banks are fighting a strong economy but the economy doesn't want to stop . This nervous paranoia is over-rated and draining liquidity serves no purpose or sense . With OPEC steppin in seems to be giving some long overdue support , Wednesday should be interesting as the meeting concludes and they go on the record .
I agree that there is no demand destruction. The only thing that got traded down was paper. Right before opecs last meeting they talked ( basicly warned) about the paper market being manipulated. They said it had to be a very large player or a government. They then cut by 100k as a warning. So now it looks like the manipulation has continued and opec strikes back with maybe a 1m cut or more. Long term phsyical barrels will win out over paper. Should be fun to watch through mid terms!