Time to buy May WTI
Since Feb-03, oil has been consolidating in an increasingly well defined contracting range. That range is almost complete and the larger uptrend is poised to resume for $59.99/$61.59.
Luckily he set up a stop at $50, which has already been broken so he is out of this bet and ready to go back to his crystal ball. Will MacNeil have the guts to come out with another recommendation after such a track-record? You bet… he’s already put one out!
A few minutes after stopping out on the oil trade he has asked his clients to sell EUR/USD at 1.1290 targeting a 1.0765 low. The market reaction didn’t take long:
This is from someone who went to the University of Pennsylvania, got the CFA and CMT charters and became the Head of Global Technical Strategy at Bank of America Merrill Lynch. There must be pride in becoming a contrarian indicator.