Gm BT! Sorry, I was up so late waching London, I got up to buy BP puts,and took a nap LOL
Anyway, yes, after a green open in Asia and in Europe, we were going to rally
I am specifically going to track copper through this
It is possible we are going to see an early, oil-fueled rally, which will bring along industrial metals like copper and nickel
BP, however, has the potential to truly disrupt this happy scenario (although it is definitely creating the potential for much higer oil and NG prices ahead shortly)
Should BP seriously crash, consider the counterparty risk. Keep your eye on JP Morgan, who is the largest BP shareholder. BAC is #3, I believe. BP is a major component of the British FTSE, and as a market leader, has the potential to be a rally squelcher
So be optimistic, but keep the keys in the ignition, and be ready to GTF out fast should the bottom start to fall out.
Oh yes, this IS options expiration week, the end of a very bearish month. I would expect a counter-intuitive market for much of this week, so that put holders expire out of the money at 0.0.
GLTU!
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