Dan Celia: Amid Another Week of Volatility, OPEC and Russia Plan to Meet on Oil
April 8, 2020
PHILADELPHIA—Nationally syndicated host and biblical investing authority Dan Celia is pointing to another volatile week, as the markets ebb and flow in big ways due to the ongoing global coronavirus crisis.
“Most of this week’s volatility has been on the upside, or at least it seemed to be,” Celia said. “On what looked like was going to be a good day on Tuesday, a big swing to the downside was primarily due to crude oil prices dropping, once again creating the sell off. Wall Street was assessing the latest news about the coronavirus outbreak seeming to level off. It looked like the curve was flattening, and there was a lot of enthusiasm about that. But, keep in mind, on Monday we were up 7%, and there were so many short-term institutional traders, day traders and other speculators in the market that it was hard to resist taking a 7% profit—or even a bit more than that had they got in the day or two before. We started to see that happen toward the end of the day, as traders waited to see if the Tuesday rally would hold, which it didn’t.
“This ended up being volatility of around 900 points between the highs and lows throughout the day. So lots of volatility starting to come back. At least yesterday we were getting some breaks from oil stocks and oil in general, but that looks like that is beginning to turn negative. Everyone is waiting now. On Thursday, there will be a be a meeting with OPEC and Russia. The meeting was originally scheduled for Monday, but was changed, so that was a big negative for oil earlier in the week. Now, we’ll see if the meeting happens tomorrow and if that ends up being positive for oil. I don’t think we’ll see any sort of cuts in production that will do a lot of good, but any cuts whatsoever that will slow down the glut will be positive for oil.”
Celia discusses these and other global and economic headlines on his daily, three-hour “Financial Issues” program, heard on more than 660 radio stations and several television networks nationwide, including FISM.TV, viewed on several post-cable television platforms and online.
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