By Chris Becker
The major market shaker overnight was obviously the huge play by OPEC to not “interfere” in the energy market, by keeping production on track to shake out the shale producers in the US. This saw an already weak oil price smashed over 6% through its support all the way to $68USD per barrel:
Not exactly rocket surgery that sort of trade setup, with a very high risk reward ratio for those of us short already – as the price action dictated – but I’m not sure if there’s going to be a short squeeze here as OPEC seems firm on getting it down to $60 or so. Here’s nice wrap from Chris Weston on the carnage today in Australian energy stocks: