Who dares enter the long side of the energy complex? Boo.... It's close to midnight and Japan starts printing yen in the dark. Under the moonlight, the yen drops, as its Central bank gave us a shock. You try to scream, but the stocks take off before you can trade it. You start to freeze, as QE looks slaps you right between the eyes, you're paralyzed. This is thriller, sell yen night! And no one’s going to save you from this central bank strike. You know it’s thriller; sell oil night, as Japan fights for its economic life. Metals fall across the land, the trading hour is close at hand. And grizzly ghouls from every tomb are closing in to seal your doom and though you fight to stay alive your body starts to shiver for no mere mortal can resist trading this oil thriller.
Japan gave the market a little trick and treat overnight as it shocked the world by juicing up its Quantitative Easing (QE) by almost 80 trillion yen ot about $727 billion as it tries an exorcism to try to remove the demon of deflation. Of course because the U.S. thinks it has won the battle against that demon already it seems that the spirit may just move on to Europe. Japan’s move sent the dollar soaring putting a hex on gold that not only wiped out it gains for the entire year, but is adding to the perception of deflation. Japans move is going to add pressure on Europe that has resisted going to the dark side of quantitative easing but may be forced too as the currency exchange rates may force them to act or slip into an economic zombie like state.
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For oil this will be another bearish force in a market that has already been posed by unearthly bearish forces. Not only is OPEC trying to scare Non-Opec oil producers into submission, we may see some progress on the geo-political fear front.
Russia and Ukraine supposedly have a deal to get the gas flowing. Russia had been trying to suck blood from a Ukrainian turnip. Apparently the deal is worth $4.6bn (£2.87bn) and the EU acting as guarantor for Ukraine's gas purchases. But if I were Europe I would beware of Tricks and no Treats from Vladimir Putin!
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