Biden’s Plan to Bring Gas Prices Down, Markets Get Jittery – Closing Bull Nov. 26th, 2021
Quick Summary
In this week’s Closing Bull we take a look at Biden’s plan to bring down the prices of gas by opening oil reserves in the US, the WHO calls for an emergency meeting after the news of a new strain, and Powell gets picked for a second term.
Let’s get into the news!
Key Market News This Week
- Financial Markets re-cap.
- WHO holds emergency meeting.
- Biden outlines plan to bring gas prices down.
- Biden picks Powell for a second term.
Read the Transcript
Welcome to my financial markets’ re-cap for the week.
Before we get to the news, a quick update on the system. Having closed a monster win last week, we weren’t able to follow through on the forecast this week.
In other words, we had to give back some of our gain from this latest forecast. Losing trades are part of the game, as we can’t win them all, and we already know that going in.
Nevertheless, I am expecting a market turnaround next week, despite the worry and fears over a new COVID strain. We remain Bullish for December.
So that was the system update, what happened in the news this week?
It was shortened trading week this week, due to the American Thanksgiving yesterday and a half-day today.
But the big news that is breaking was from yesterday, news of a new strain that caused the World Health Organization to hold an emergency meeting.
This new strain, first found in some lower African countries, is said to be the most mutated one yet, and therefore the fear is that it may bypass the current vaccines.
Hence the drop in the markets. I mean Oil got absolutely hammered.
Just last week we were talking about Biden investigating the oil companies, and now they take a big hit on oil prices due to fears of further lockdowns and less demand for oil.
President Biden only this week outlined his plan to bring gas prices down by opening the oil reserves in the US. Having agreed with China, India, Japan, South Korea, and the UK in a coordinated effort.
In other news this week, the market cheered at the beginning of the week as Biden picked Powell for a second term as Fed chair. The market hates nothing more than uncertainty, so for Biden to opt for the same policymaker at the wheel of the Fed got the markets off to a flying start for the week.
But obviously, this new covid strain has the markets pretty spooked. So, we will have to see what happens next. Let’s hope that the vaccines and the antiviral pills and sprays in testing see us finally through this horrible disease that has cost so much to so many.
That’s it from me, it’s the weekend, time to down tools, have a great weekend, thanks for watching and bye for now.