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It's All About The Oil Stupid!

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COVID-19: U.S. at a Glance*†
  • Total cases: 213,144
  • Total deaths: 4,513
  • Jurisdictions reporting cases: 55 (50 states, District of Columbia, Puerto Rico, Guam, the Northern Mariana Islands, and the U.S. Virgin Islands) CDC.gov

Coronavirus cases surpass 1,000,000 (CNBC article). A speculator such as myself would think that would be horrible news for the economy and markets?

(Bloomberg) — Oil soared after U.S. President Donald Trump said Saudi Arabia and Russia would make major output cuts, though uncertainty swirled over the volume of curbs and whether reductions would be made at all.
While Trump tweeted that cuts of 10 million to 15 million barrels were possible, he didn’t specify if that reduction would be per day. He also said he spoke to Saudi Crown Prince Mohammed Bin Salman about the market.
His comments immediately triggered skepticism, even within the U.S. government. One person familiar with the administration’s discussions with the Saudis said there was widespread internal confusion about what the president was referring to and the numbers he mentioned may not be reliable.
—–

Two of the three stocks I am holding on to happen to be oil stocks, see portfolio. I anticipate oil to be one of the most volatile commodities to trade or hold on to in 2020-2021. With the extreme volatility, I am content to sit and hold for now without putting on any options trades. I need to ensure I have enough capital to withstand the market’s knee jerk reactions. I’m more than aware that a 9% gain today could be 10% loss on Friday as markets swing from headline to the next.

Stay safe!

Trin



Source: http://www.trincafe.com/2020/04/its-all-about-oil-stupid.html


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