Replies to post #29414 on ProShares Trust Ultra VIX Short Term Futures ETF (UVXY)

[mannken]

keeping an eye on it

this to
svxy is 19.70% above 100MA rsi close to 77

[tw0122]

BNKD will be moving up low $12s loading zone.

ISM Non-manu business activity index dropped to lowest since May '20. Worse than any other month in 2019 and about the same as the first half of '08. No wonder oil market didn't care about Saudis. https://t.co/62Q0hO91Mc pic.twitter.com/vvzWulN9CD

— Jeffrey P. Snider (@JeffSnider_EDU) June 6, 2023

Overshadowing last Friday's questionable payroll #, today's ISM along w/oil market continue string of recession data. Not simply fears, ongoing and continuing confirmation. Non-manu PMI in May just barely more than Dec low, only no blizzard to blame.https://t.co/62Q0hO91Mc pic.twitter.com/A0sOVNbQFa

— Jeffrey P. Snider (@JeffSnider_EDU) June 6, 2023

Even after Saudi promised cut, WTI remains contango in the front end and flat over first few contracts. Does that actually mean anything for beyond quirks in the commodity markets? Yep. Over last decade, there's definitely a correlation. https://t.co/62Q0hO91Mc pic.twitter.com/uxaio1glI8

— Jeffrey P. Snider (@JeffSnider_EDU) June 6, 2023

Doesn't matter what oil producers do with supply, recessionary demand conditions keep pushing oil prices lower. They'll have to keep cutting back supplies but scheme has falling marginal utility. Today's cut didn't last more than a few hours.https://t.co/62Q0hO91Mc pic.twitter.com/CUCqcu4q9n

— Jeffrey P. Snider (@JeffSnider_EDU) June 6, 2023

Not just "soft" PMI data, several "hard" datapoints like US factory orders confirm substantial downturn in sales, more problems still to come. As producers run down previous sales, with fewer new orders coming in they're going to run out of work leaving them w/too many workers. pic.twitter.com/9dWRstIuCm

— Jeffrey P. Snider (@JeffSnider_EDU) June 6, 2023