Friday Commentary with Gary
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We discuss, among other things, the consumer confidence numbers that just came out.
Numbers revised? You really think so Frank?
That has never happened before!
Hey Gary’
did you mean: a “…multi YEAR (instead of multi decade) support at $40/bl…”, for in 1999 oil was ~$10/bl (or thereabouts..)
petro
Al, zero hedge has covered the auto loan scam…its not the economy imo-
lots of bad credit-
It is pretty easy to get credit in that area. If people are stoopid enough to go for that, the consequences are their own fault.
As much as I love cars, Agatha, I would never lease or buy on credit a car. I guess that I am just relegated to drive old “classics”! But then again, they are really a lot of fun!
THERE IS a mentality about AUTOS……..people show off with cars…….there is a mind set that just before they go into bankruptcy phase…. …they go buy a new car, trying to show that they are still doing fine…………They do not buy with cash, but finance….
Keep this and visit this comment in 6 months.
I’m in on NUGT at $6.01 and UWTI at $3.66.
I’m considering going in on UWTI next week Jason.
This was a very good segment from Gary today and he laid out his thoughts on Oil, and the PMs and mining stocks very well. Good questions from Cory and Al as well.
Personally, I’ve been waiting for Oil to get down to the $38-$42 area before turning up for a leg back up. I agree with Gary that the lows Thursday night below $41 was in the right range to be an intermediate bottom. We’ll see if Oil pulls back further next week, but I’d anticipate a rising oil price and rising commodity prices in general) in the face of a falling dollar.
My target for the US dollar over the next few weeks is 94. If the buck stops there….at support, then it may reverse and start a new leg up to test the March 11th & 13th high at 100.39 one more time and may break above it (but I think 120 is too lofty of a target). I see 110 as a max target, and see 106-107 as feasible in a blow off top. This would allow the commodities to put in their major bottom at that time later in the year.
Good luck to all in their investing.
The wind blows a little more than estimated last month in the favour of the direction you dreved . The numbers will be revised ! A new tax maybe ?