Bob Moss had not even turned 21 when he began trading on the MidAmerica Exchange, and it wasn’t his first career choice. Moss was taking pre-med classes at Knox College but secretly wanted to be a professional race car driver.
Come join the bull oil party. The room was empty a few years ago but now everybody is jumping on the dance floor. Crude oil is a boom and bust market. Two years ago, we went bust and since then we are in a boom shakalaka. Oil prices closed steady after giving up gains as the June option expiration pressured prices, only to have them stay strong based on the crude realities of strong global demand and tightening supply.
The U.S. dollar appreciated against major rival currencies on Friday. The dollar rally is back on after the two of the largest parties in Italy agreed to form a coalition government and Japanese inflation retreated. Although there is no plan for Italy to exit the European Union it could put it to the test with its fiscal strategy.
The upcoming week should offer a little something for every type of market participant from the casual to the day trader and from the weekly options spread trader to the four-week time frame! My best ideas for narrow range breakouts on trending pivots for trend-chasing traders are the S&P 500 and, possibly, crude oil and bitcoin. Other symbols are creating exciting range trades.
The International Energy Agency (IEA), or as I call them the “demand downers,” once again are raising concerns about global oil demand. The agency that has consistently underestimated global oil demand is once again trying to keep their weak demand illusions in the spotlight. A few years ago, it was because that despite the low price, demand would be bad despite clear evidence to the contrary.
The world of technical analysis is complex, but with a working knowledge can be applied to virtually any market. Here we introduce you to 10 important rules of technical trading first described by technical trading legend John J. Murphy.