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IMHO today's market action in the energy sector is nothing more than global manipulation. The midterm/general election being held today show promise for the GOP/Republicans to gain majority control. With this in mind, supported by the knowledge that the GOP is backed by big oil & energy corporations, it becomes an opportunity to "shake out the weak longs" before the Republican run up of oil & energy stocks.
Early this morning it was communicated on CNBC that Saudi Arabia was drastically lowering oil prices to the USA, however, increasing prices to other countries. For those who are younger than 40 years old probably do not remember the tactics used by the middle east to cause an oil "panic" in the USA from 1973 to 1979. Oil more than doubled during this time.
Contemporary oil company strategies can not use "Oil Shock or shortage panic tactics" as a method to move prices higher. The United States has made major technological advances that increase Wind, Solar & EPA efficiencies while reducing cost. USA has also taken on the challenge of tapping into its own underground oil resources. Those technologies challenge the global dominance of big oil. High oil prices only incentivize investment in the above stated efficiencies. IMHO the strategic plan of big oil is to lower oil prices for about a 1 to 3 year period in order to make oil efficient technologies less attractive to the investor. (prime opportunity to short these techs)
In closing, should the GOP/Republicans take control, then the markets should rally tomorrow and the energy sector (go long) should lead the way. Wall Street has manipulated Main Street for over 100 years. Over the past few decades, financial markets have globalized from Wall Street to Global Street manipulation.
@hacktheripper1 on Twitter
My posts are my opinion-I'm NOT a Financial Adviser-My posts are for entertainment purposes only-Anything I say, post, or do, should NOT be considered financial advice.
