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Oil Plunging, Market Struggling
Crude oil continues to breakdown as selling begets selling and fear picks up. There is lot of speculation as to what’s driving this, including US rigs coming on line too fast and OPEC cheating despite claiming restraint. Dipping under $48 on West Texas Intermediate was a red flag, and now, there might be some support around $45.00, but the next key support level is $44.00.
Beyond the fact that crude is crashing, and stocks are waffling, is the realization this could be the calm before a massive rally higher. The one-two punch would come from a strong jobs report tomorrow and Macron winning the French Presidential election.
As for jobs, there more signs wages could be popping from the Bureau of Labor Statistics.
The productivity miracle is gone in part to wages picking up across all key components. I think we might see a huge jump in tomorrow’s jobs report, but I’ve felt that way for more than a year.
This rally at a short-term crossroads, but we’ll get more answers by Monday morning.
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