A year ago we asked 16 industry experts and MODERN TRADER analysts to provide their forecast for various market sectors in 2017. More than half had a positive outlook on the S&P 500, but only Dan Gramza predicted that the S&P would gain more than 15%. Alan Bush, Joe Cornell, Carl Larry and Tim Melvin all predicted the broad market would gain more than 10% in 2017.
Bitcoin began in 2017 with a value below $1,000, by early December it surpassed $17,500. Ronnie Moas put out a buy recommendation in July when bitcoin was priced at $2,570, he recently raised his 2018 projection from $20,000 to $28,000. Here’s why.
WTI crude prices pulled back from a critical technical level after coming within a couple of ticks of the $62.58 per barrel high hit in May of 2015. Back then oil topped before a collapse in price as three bearish factors caused oil to fall. Fast forward to today. U.S. oil supply has been plunging at a record rate and should fall again for the 8th week in a row.
Most major markets are entering mathematically defined trending conditions. The euro, British pound and grain complex have the three most compelling technical conditions and may make the largest percentage moves from last week’s close.
We now have more evidence that the oil supercycle is underway, crude prices are on the rise as global demand and underinvestment in new oil projects are starting to take their toll on global oil supply.
Where did all the crude oil go? Long time passing! A 7.06 million-barrel drop, the seventh drop in a row in a crude adding oil supply drawdown of historic proportions. Record refinery runs were operating at 96.7% of their operable capacity last week, running 17.6 million barrels of crude oil per day.