WTIC, monthly - 20yr
WTIC, monthly2, rainbow
Summary
Everyone in the western world seems perfectly fine with rising asset prices. It doesn't matter whether its stocks, bonds, gold, silver, or houses. Yet, with rising Oil/gasoline prices, many are starting to get concerned..and very annoyed again. Ahh, the irony.
WTIC Oil is seeing an absolutely clear breakout to the upside on the big monthly charts. If we close July anywhere >$100, that will make for one hell of a big 'breakout', on what is the world economies most important commodity.
As it is, Oil bulls - and myself included, are generally resigned to WTIC hitting $110 within the very near term. What happens from there is kinda important, but still, Oil could fall all the way back to $100, and that could merely be a back test of old resistance.
Mid-term outlook...on track
I'm holding to the following outlook, which is part of the 'hyper-bullish' outlook into 2015/16.
sp'weekly8
I am keeping an open mind as to when the current (black'5) will complete. I suppose it could be as early as next week, but..I'm going to stick with my best guess of early August.
Looking ahead
There is no econ-data tomorrow, on what is the monthly opex.
For the bears especially, it should be noted there is a mid-sized QE of around $3bn.
--
I remain on the sidelines, and have little interest in getting involved right now. Certainly, it is utterly pointless to be shorting just about anything.
Goodnight from London