Happy 4th of July! Thursday’s shortened session provided little help to stocks as many on Wall Street were on vacation enjoying this Holiday weekend. Crude oil remains the hot topic on Wall Street as it traded above $144 much of the day. However, we were unable to hit the $150 a barrel like many had anticipated. This proves predictions are like bum holes: Everyone has one and they all stink! Even without hitting $150 prior to July 4th, I still believe Crude is headed higher and much higher than $150 a barrel. The trend is firmly in place and at some point the Oil shorts will become discouraged and rush for the exits. Most likely scenario will be when our first Atlantic Hurricane threatens the Gulf Coast and its oil rigs. This will only mean more selling for stocks, whether or not it creates shear panic has yet to be seen. Even with $144 a barrel of oil ,the VIX/VXN have failed to show any sort of fear in this market. I’m afraid it will take more than just crude above $150 a barrel to get fear pumped into this market.

Make sure you are safe this 4th of July holiday weekend. Trading stocks is just like swimming with sharks, chances are you will be bitten with a slight chance you get away free. Odds are just not in anyone’s favor at the moment, I like to play when I have the odds in my favor.

Enjoy.

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Posted in Categories: Contributor, External Research, Stocks.

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