Crude Oil prices continued their sharp decline today.
When I last checked, crude oil was trading at $48.43 a barrel. That’s a day-to-day decline of about 1.72% – on top of the sharp pullback the commodity has seen during the past couple of trading sessions.
The price decline has created some consternation for active crude oil traders. That’s been especially true, of course, for those with big long positions.
Distress Among Crude Oil Traders
I had an opportunity to get some first-hand feedback on this surprising market during the course of the trading day yesterday.
And, as I summarized in a brief YouTube video, one of the dominant reactions is surprise.
Surprise that the price decline is happening at all.
Surprise that it’s happening so quickly.
And surprise at the ripple effect it’s been having, in ancillary sectors like exploration equipment and oil pipelines.
Of course surprise is one of the big emotional components that can drive important action in the markets. But even so, I’m not so sure that it’s fully justified in this case.
Solar Eclipse Market Forecast
At least the drop in oil prices shouldn’t have been a surprise to anyone who read our new e-book, Courage and Clarity in a Time of Turmoil, which was published last month.
This comprehensive 135-page publication covers a lot of territory. It includes a detailed analysis of eclipse activation dates and the resulting anticipated market trends through next October.
It also features a specific forecast for Crude Oil during the months ahead.
We based that forecast on the eclipse activation of the NYMEX Crude Oil horoscope, using the 90-degree dial as a frame of reference.
The NYMEX Crude 90-Degree Dial
The 90-degree dial is simply a representation of the traditional horoscope that allows us to see fourth-harmonic and eighth-harmonic alignments more clearly.
In this case we’re using the NYMEX Crude First-Trade chart, and have turned the red pointer to the position of the February solar eclipse.
That pointer triggers the Mecury/Saturn and Hades/Kronos midpoints in the chart, providing us with a clear signal that a pull-back in oil is in the works.