and it wasn't what I wanted------forced back into short positions for my hedgers. This is now a political market and twice as hard to deal with than a fundamental market. We knew it would probably happen but is it just saber rattling to set up a good buy for the politicians and their friends or will it turn into several months actual sparing with punches, to bring on a retest of the lows from the 9 year cycle low of 2016. This year is a Cycle Reset year and the reset is usually triggered by forces other than just fundamentals. The trigger is usually a Big Emotional Story that triggers risk off by all the over zealous seasonal longs. In 2009 it was the swine flu story that was the emotional trigger for the retest/reset of the 2007 9 year cycle low that managed get taken out with overkill.
The last three months I've been preparing my hedgers for aggressive hedging this year, I just didn't expect to be hedging June this early. Today I've been telling everyone, this is just the warning shot and the trigger for the Sink Hole to open is set with a weekly close below 65.00 by front month. I don't think it will happen now but it might make it difficult for June to get above 79.00 and freezing the summer months in a $5 sideways range. If this happens my hedgers will be investing heavily in Oct shorts @ 69-70 I've told them to get their finances and battle gear ready, all the signs for the Cycle Reset are happening.