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Investors have to respect facts. What their timing is in coming to respect those facts differentiates returns.

It would be hard for anyone to convince me that the Russian Trading System and Saudi Tadawul Index didn’t proactively predict the oncoming tsunami in the price of oil. As “speculators” (or plain dummies) bought into the media’s manic “Fast Money” June/July highs, the local Ruskies and Saudis said “sold to you” (see chart).

Now, as the same “Fast Money” CNBC traders whine about “Deflation”, the Russian and Saudi stock markets continue to make higher lows. The RTSI is +18% from its freak-out lows, while Tadawul has “re-flated” by +13% in the last month.

We weren’t part of the mania that bought into oil prices at $145/barrel. We bought oil last week between $37-39/barrel. We are Research Edge.

Keith McCullough
Research Edge LLC