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Could see an announcement of Russia having a basket of commodities backing the Ruble.
Gary,
I like you am shocked at the action in oil today. I honored my stops as well today. How low do you see oil going here?
Actually oil didn’t trigger any stops today. I would add that it’s so late in the intermediate and daily cycle that stopping out now will probably just produce a whipsaw. This is going to produce a big winner even if we did enter a few days too early. We got it “close enough”. 2-3 months from now this trade is going to add another nice chunk of profits to the SMT portfolio that is doing very well this year.
Gary – how do you determine a “cycle bottom”?
It’s not an exact tool of course, but once an asset moves into the timing band for a cycle low I buy when a swing low forms.