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4 Tradable Events this Week

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Tradable Events this Week


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1. Crude Oil

Crude settled above major three-star resistance on Friday at 55.64. This is the breakout that we have been talking about as the fundamentals and technicals line up perfectly. The Golden Cross occurred last week; the 50-day moving average crossed above the 200-day moving average. This also occurred on strong volume throughout the week. We have discussed backwardation into 2022 and how this signals a tighter supply. Also, how WTIs discount to Brent has caused a tighter supply due to surging exports and a higher demand for the cheaper Oil. Ultimately, this points to a test to 58.97.

2. Saudi Arabia

The countrys military intercepted a Yemen-born missile over Riyadh that was targeting King Khalid International Airport. The Houthi rebels in Yemen are trained by Iran and this is the first time a missile has come so close to a heavily populated area; this is a huge blow to Saudi-Iran ties and the ties of Saudi allies with Iran. Also, this weekend the 32-year-old Saudi Prince Mohammad bin Salman who is tapped to be the next king tightened his grip on power by publicly arresting and freezing the assets of many prominent figures such as billionaire investor Prince al-Waleed. This should add geopolitical premium to the Crude Oil market and potentially bring some anxiety to record closing equity indices.

3. Central Banks

Central Banks come into the picture early this week with the Bank of Japan releasing the policy minutes from their meeting last week tonight at 5:50 pm CT. Governor Kuroda speaks at 7:00 pm CT. Monday night the Reserve Bank of Australia has a policy meeting. Tuesday will be pivotal as ECB President Mario Draghi is scheduled to speak at 3:00 am CT and Fed Chairwoman Janet Yellen is due later in the day at 1:30 pm CT. The Reserve Bank of New Zealand is Wednesday.

4. China Data

Data out of the region begins Tuesday night with Trade Balance data. On Wednesday CPI and PPI are due. Friday morning is China bank loan data. China was in the news early last week as 10-year treasury bond yields surged to a three year high on renewed worries about a crackdown on riskier lending. The central bank calmed nerves with liquidity injections but traders should continue to monitor sharp movements higher in yields.

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Futures trading involves substantial risk of loss and may not be suitable for all investors. Trading advice is based on information taken from trade and statistical services and other sources Blue Line Futures, LLC believes are reliable. We do not guarantee that such information is accurate or complete and it should not be relied upon as such. Trading advice reflects our good faith judgment at a specific time and is subject to change without notice. There is no guarantee that the advice we give will result in profitable trades. All trading decisions will be made by the account holder. Past performance is not necessarily indicative of future results.

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About the author

Oliver Sloup is Vice President of Blue Line Futures, a leading futures and commodities brokerage firm located at the Chicago Board of Trade. Blue Line Futures mission is to put the customer first, and that means bringing YOU the best customer service, consistent and reliable research and state of the art technology.  Oliver has been a guest on CNBC and Bloomberg, among others.  Oliver has over a decade of trading experience. Prior to Blue Line Futures, Oliver worked as the Director of Managed Futures at iiTRADER.



Contributing author since 10/6/17 

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