Supporting our highest conviction trade yet, we now see fundamentals, sentiment, and technicals aligned for a significant correction in Crude Oil prices. While DS partners already hold a position in DTO, we are moving to formally call a short term WTI Crude Continuous Spot price target at $70. Below we explain in detail our thesis
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The positive durable goods report, citing new orders up 1.8% for May, fought the May new home sales numbers, below consensus at -0.6% (m/m), as conviction wavered among market movers throughout early trading Wednesday. The crux of the day's market moving news came in the form of the FOMC statement on Federal Reserve policy, where
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Mortgage purchase applications are much lower for the week ending April 17, reporting a 4.2% decline, even as mortgage rates remain near 4.75% for prime borrowers. The drop in mortgage rates inspired an initial pop of buyers into the market, but it seems that those who had the means to buy at a low rate
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