The stock market is closed for Good Friday, and it’s been a bit of a strange week of trading on very light volume and bad flows.
For those of you who don’t know, short trading weeks like this, a lot of the big boys — institutions and Wall Street fund managers — take off, leaving the vast majority of moves to retail and amateur traders.
So the action has been super light in just about everything…
Except crude oil, which got a shock move higher after the Saudis moved to cut production in order to push prices up.
But if you follow along here regularly, you weren’t the least bit surprised because I’ve been calling this for a while now, and did so again just last Friday when I posted this article:
Check out this WTI Crude futures chart, and particularly that peak back in early June 2022…
Prices began ramping up through April and May before peaking in June, and I expect the same type of phenomenon this year.
We almost always have a seasonal pattern of oil running higher into the summer months when travel starts cranking up, also pushing energy stocks higher in the process.
Over the long weekend, I expect the Saudis to drop more shock bombs.
Other than that, there isn’t much conviction in the market right now. But there is one thing I find very interesting…
Interest rates are super spread out between the 10-year Treasury (bottom line) and the Fed funds rate (uptrending blue line)…
These two rates aren’t even in the same ballpark at this point, and something’s gotta give so they can merge back together. That’s the most interesting thing in the market right now amid a dead week…
That said, if you’re celebrating Passover or Easter with your families, God bless you all. We’ll be back at it next week!
Jeff Zananiri
Jeff Zananiri Trading
*This is for informational and educational purposes only. There is an inherent risk in trading, so trade at your own risk.
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