Oil popping and a technical outlook for GDXJ
Rick Ackerman joins us today to discuss the news out of OPEC regarding a production cut of 1.2 million barrels a day. We are seeing a nice bump in the crude price however it still is not breaking out. Another chart that we look at is the GDXJ chart. Rick shares his targets and key support level he is watching.
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OPEC and the Fed are in the same family of liars
I shifted away from owning oil producers about 2 years ago. I now own several pipeling master partnerships that pay good dividends. They crashed but now have come back with a vengance all up over 3% today. Opec is not really cutting production , its all short term thinking . I really think oil will fall, even tho some metals and ag prices are rising. Expect Trump to approve new drilling in north slope of Alaska . TAP pipeling is down on use and Must be refilled or they will have to close down pipeline. I am all for more north slope drilling good for Alaska and the USA . best of health and wealth to you all S
It may be time to give up on the idea of deflation, because the new stock market highs clocks the deflation argument out of its spurs.
http://www.theepochtimes.com/n3/2153748-dr-marc-faber-dow-could-go-to-100000/
+1! The deflationists are out to lunch.
Love my Rick!
Opecker….is not going to cut….maybe cut and run (,their mouth)