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| MAY 03 2023 Crude Cruising for a BruisingDON YOCHAM The French Front Line Hollywood’s writers might be on strike for bigger paychecks and all those juicy streaming residuals, but nobody knows how to strike like the French. It’s basically a national pastime. We yanks have baseball. The frogs their picket lines and protests. As I was researching just how often French strikes go nationwide, I found instances every single year from 2013 to 2018 and two in 2019. I suspect they just as consistently cast their bodies on the gears of industry every year leading up to and following that period. But confirming that suspicion would only pile more facts onto a big pile of the obvious. When I spent a semester in college there in the early 90s, it was rail workers (it’s almost always the rail workers). But I also vaguely remember truckers dumping truckloads of fish and apples on the roads as the French chafed under the weight uniformity laws imposed on them to pave the way for the European Union. For 2023, it’s the threat of having to work two more years before they can retire on the government dole. The excuse this time? It seems that Fancy Manny – my nickname for France’s president Emmanuel Macron that I just came up with – has had enough with French democracy. He’s got a big problem to solve with respect to the government’s bloated budget. Rather than letting the legislative process bog him down, he rammed “executive order” style with the blessing of the courts. From this side of the pond, it’s impossible to tell whether the French are mad about the dictatorial process used to change the law or simply that they feel entitled to retire at age 62 on the government dole. I suspect it’s mostly the latter. But whatever reason the French believe is motivating their revolt this year, it’s important to see through to the true cause and effect at work here. Social entropy and the political power centers desperate need to maintain control. The center can no longer afford to risk a vote. And people long accustomed to an ever rising tide of entitlements don’t like it when their goodies get taken away. The reaction of the French is just one small example of an insurrection with front lines emerging in every corner of the world. Take What the Markets Give You. JEFFRY TURNMIRE’S CHART OF THE WEEK Crude Oil in the Danger Zone Today’s “Chart of the Week” is Light Crude Oil Futures (Ticker: CL1! on TradingView). I highlighted the area between the 61.8% and 78.6% Fibonacci retrace levels. This is a potential reversal zone. Oil getting a daily close above 72 is the first indication that we might see a rally back up to my roadmap line around 80. However this area is fraught with danger, because a daily close below that 78.6% level around $68 can lead to a continuation and extension lower for oil down to a target around $59. I know none of this fits with the narrative being pushed in the mainstream media, but that’s why I use technical analysis. If you’re interested in having the Roadmap line on your chart and how to use it, we have a $5 special running right now. Have a great week! JeffryCELESTE LINDMAN Worried About a Coming Meltdown? Headlines like this don’t help traders sleep at night… But here’s the good news… If you’re tossing and turning at night, that means you’ll be up in time for the opening bell! And if you can wake up by then, you can take advantage of Jeffry Turnmire’s “60 Minute Surge.” Jeffry has isolated an incredibly powerful anomaly on ONE ticker symbol… And by trading this system, he’s been able to routinely target 50% or more in 60 minutes or less.* And the best part? He doesn’t HAVE to worry about headlines like the one above, because this trade has worked in bull markets and bear markets, on Fed days, earnings days, and election days, no matter what the market has in store. Discover the one stock “meltdown proof” strategy here. Celeste *The profits and performance shown are not typical, we make no future earnings claims, and you may lose money. From 1/3/2022 through 3/27/2023 the average return is 16% per trade (winners and losers) with a win rate of 61%. The average winner is 79.8% over a 54 minute holding time. The annualized rate of return is 383%. |
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