Difficult not to look at this Brent chart and see that something ominous has happened. How could a liquidity crisis engineered by the Fed not have an impact on speculative position for all commodities. This is the proof and it is not just Brent! The question to ask now is how many more speculative long out there who are just waiting this out? Despite the bounce and good canvas put out this morning, we do note that US 10year/3Months spread is wider than last Monday. This liquidity crisis is hardly over!
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