3/15 Recap. Oil Implodes.
We woke up to the news of Credit Suisse and their issues, but that really wasn’t a shock to anyone as the stock is down over 90% in the past decade from $33.98 to under $2 now as you can see below. So to say it was a “shock” what happened today was a bit of a reach, it was just merely piling onto all the bad data we’ve had recently.
What caught the market offguard more was the complete annihilation of oil which fell to a low of $66.xx at one point before a slight bounce. This will be it’s first close at these levels in a very long time. It is officially broken and likely signaling a recession.
Overall the market remains in no man’s land. There is still 45 minutes left in the session as I type this and as you can see below we’re teetering on that previous 2022 downtrend. Opened below, slightly above now, but either way well below all the key moving averages bulls need for the market to be bullish. The RSI continues to be weak and I still maintain we’re more likely to do nothing for longer than people think which is why I think premium selling will shine over the coming year.
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