Crude Futures (/CL) dropped 6.6% to $53.43, after President Trump reiterated the strong ties between the U.S. and Saudi Arabia. Some felt that President Trump’s comments were an attempt to keep Saudi Arabia from cutting oil production at the OPEC meeting in December. Besides the comments, concerns over a global slowdown and oversupply have driven crude oil into a bear market.
Forex and stock traders are looking for the consistently wrong investor, trader and take the opposite position. This will obviously lead to winning trades for them. All traders have read trading books that point out that increasing volume is good for the continuation of the trend. Many new stock traders will try and fight the trend.
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