RiskReversal’s new favorite son, Enis Taner will be on CNBC’s “Talking Numbers” segment, which should air live from the NYSE btwn 3:15 and 3:30pm. Here are some quick notes about what he will be discussing:
Enis is going to hit on some charts that help inform his macro view.
Crude: The current weakness has been very persistent, as crude stalled at its 200 day moving average for a week with no bounce, then continued straight lower. RSI is very oversold, but the reading has been so persistently oversold that it’s dangerous to buy it, as oversold can become more oversold. If we do get a bounce, I would expect it to be contained by the 200 day moving average around 96, from where I would expect further future weakness. Similar to gold, the strength of the dollar has been the driver of oil weakness, and I’d watch the dollar for clues as to when oil might find a bottom as well. No signs of a bottom yet from the charts.