With the news from China that millions of people are under lockdown orders (AFP via Channel News Asia) oil is getting hit, with both Brent and WTI down over 1%:
Which brought to mind Slope of Hope's positioning on the complex:
What’s Up? Not Oil.
The entire weekend, all the headlines were lockdown-this, delta-that, and yet, as required by federal statute, all the equity futures shot higher and are bright green. It’s encouraging to at least see some sanity in the world of crude oil, which seems a more honest reflection of the world’s economic prospects....
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Although he is not in the futures there is quite a bit of leverage (operating) in trading the equity on which he piles financial leverage by using the derivative puts.
The one thing that keeps me from joining him in all-out negativity is the memory of the pictures out of Wuhan early last year of people falling dead in the streets, dropping like flies.
Remember that?
They were fake, weren't they.
