WTI – Oil Inventory hits FRESH RECORD HIGH. Analysts expected a drop in inventory, but instead supply jumped by more than six million barrels to 536.5 million barrels. When investors realize that all this talk about production cuts are not happening, look for oil prices to drop back into the $30s.
EURUSD – Italy Creates Private Fund to Purchase Bad Loans. In an effort to save failing banks, the Italian government helped create a private fund this week that will buy non-performing loans from financial institutions. Since when is it the responsibility of the tax payer to pay for these bad loans? Europe is far from being fixed. As mentioned in a previous weekly wrap up, shorting the Euro at our 1.148 level played out really well!!
Good luck this week, the week of April 18 is very light on economic news. If you have any questions please leave a comment below. Safe trading!