The Pain May Not Be Over After Crude Oil Closes Down for 9th Straight Week.
Adrian Lyne’s 1986 cult movie classic 9 ½ weeks starred Mickey Rourke as John Gray, a commodities broker. We wonder if he employed a quantitative approach, and if so, whether he would have found the number NINE interesting as a pattern market? Last week, WTI Crude Oil futures closed down for the 9th consecutive week. This is an extremely rare event. It has not occurred in WTI Crude Oil even once in the last 30 years, not in 1998, 2008 or 2014. It hasn’t occurred in the S&P 500 or Gold even once over that period, even during the 2008 financial crisis. Here are some of the notable occurrences of nine consecutive down weeks in major global asset classes over the last several decades.
Any opinions or forecasts contained herein reflect the subjective judgments and assumptions of the author only. There can be no assurance that developments will transpire as forecasted and actual results will be different. Accuracy of data is not guaranteed but represents the author’s best judgment and can be derived from a variety of sources. The information is subject to change at any time without notice.