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Pritpal this may provide some explanation on what happened to the May oil contract.
I had not heard of Contango and Backwardation upto now.
I came across this on twitter . Makes interesting reading. I am not advocating following his advice.
Yes ,
The chap at IG also could not explain it.
He said everyone must be selling it as today is contract expiry!
Ha ha , if only Spx would also go to zero and lose 96% on expiry
I do not trade oil but have noticed the following
US crude oil cash has dropped from circa 3150 ( Mond 13th ) to 2200 today
May oil future 2400 (13th ) to 186 today on IG
Can some explain why that is? June contract is 2200
This is behaving far more bullish this morning than it should be. French CAC is up 3.4%, that’s completely nonsensical.
I will watch CAC between 2:40- 3 pm . looking to short it in the 4540 region should it get there .
AMZN: not every stock has crashed this past month. AMZN is up from 1,600 to 2,400 an astonishing gain of 50%. It *looks* like a blow-off 5th wave not yet complete.
Thanks , looking like a blow of like Tesla not quite parabolic in shape.
I read Jim Mellon quote that once this crisis is over there may be more taxes for the like of Amazon
Mellon on the Markets: “the best single trade I can think of”
Some people expecting a V shaped recovery.
Cant see how the economy recovers even if we reverse lockdown.
http://www.timesymmetry.com/daily-comments.htm
I always worry about being short in OE week.
I am now short 20 % position at 2800 spoo and wonder if the above will play out . Typical scary dip early in the week then up up. Would love to add near 2900.
Amazing Amazon is powering to new all time highs. No earning Tesla at $734.
Would love to see Apple earnings and be able to calculate new PE values for similar stock. If Ndx carries on up and even higher after hours it will make a lovely short.
This seems to make sense:
This rally is not about fundamentals. Nouriel Roubini says second quarter GDP could be -40%. Can’t digest that number ! This rally is about bailing out the trapped funds a.k.a the HODLers. When we hit some serious resistances, expect massive overhead selling from these funds.Thanks Khalsa.
Cimac you mean you plan to short FTSE if it gets to 5900?
It reached 5884 out of hours.
