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NRGD - Clouds Gather For Oil Stocks And Gold In The Short Term - David Brady (June 26 2020)
MicroSectors U.S. Big Oil Index -3X Inverse Leveraged ETN
By David Brady
Beginning with the fundamental backdrop, we're seeing an increasing number of headlines and states signaling a resurgence of COVID-19, or "Wave 2", and talk of renewed lockdowns. This comes on the heels of the Fed's taper of liquidity, which I discussed last week. This spells disaster for the economy and a double whammy for stocks.
We are already seeing a rerun of the conditions in January that led to the crash in oil prices: the spread of COVID-19, negatively divergent technicals and sentiment, and the peak and fall in Funds' net long