We got our big Wheee! on oil overnight to $96.37 (/CL) with the old contract (/CLN3) at $96.11. If it weren't a scam, then why would the August contract fall just because July is expiring today. In fact, wouldn't the Aug contract be more in demand from rolling while the July is selling off? But no, they go down together to make sure the NYMEX boys can do those rolls as cheaply as possible to keep the scam going another month.
Sorry to go on about this but I've decided to make more people aware of what's going in in the hopes that, someday, one of you will happen to talk to someone who matters and something actually gets done about this stuff. In fact, my article yesterday was refused by a syndicator yesterday (who shall remain nameless for the moment only). That has only happened once before and also when I was critical of the oil scam. They're owned by VCs now and who knows what their agenda is. Just another example of the top 1% taking control of the media while the sheeple have the illusion that they're reading a "free" press.
After being down around 1.5% yesterday, the Futures are down 0.75% this morning (7:30) and a decelerating decline is not so bad so we'll see if we can escape with this minor correction but I'm pretty confident in my Dow 15,000 prediction for today – the Futures have already failed it at 14,940. 14,900 should be some support, as should 1,600 on the S&P and 966 on the RUT but the Nas has already failed to hold 2,937(/NQ), which was S1 in the Futures. If they don't get it together by the open, that could indicate another 1.5% drop today. I already sent out an Alert to our Members with levels we can play to the upside (and Tweeted here) but, so far, all we're doing is weak bouncing off the big drop.
Europe's majors are all down 2% at the open and any time you have lock-synch moves…
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