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Afternoon Note

Black Gold

By Charles Payne, CEO & Principal Analyst
6/17/2022 1:22 PM

Keep watching crude oil because today is all about that black gold pulling back.  Once it slipped under the near-term trend line, the downside move gained speed.

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Interestingly the action seems to have been sparked by tough talk from Jay Powell about being acutely focused on 2% inflation and committed to do whatever it takes. 

I also think there are quiet rumblings about some kind of resolution in Ukraine.  Although, Macron had to walk back his comments that Ukraine needed to come to the negotiating table, the die was cast. 

I like the action. 

The market is oversold even if we have to retest lows. 


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