Copper, monthly
WTIC Oil, monthly'2, rainbow
Summary
Suffice to say...it remains notable how equities just keep on rising, whilst the broader commodities keep on falling. It remains important to keep in mind..these lower prices are going to help the broader economy to a rather significant extent.
Certainly, one of own major concerns of the relentless QE was that of rising Oil prices. Yet..so far..for whatever reason, the hot money is just now flowing into the commodities pool. Eventually though..that will probably change.
Looking ahead
The only thing due tomorrow is the Fed balance sheet and money supply data..but those are long after the market closes..and few care about those issues anyway.
*next sig' QE is next Tuesday.
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We have a short Friday ahead. Market closes at 1pm, and considering recent price action, it will probably be a dull session for the main indexes, although no doubt some individual stocks will have some good action. I would especially look to AAPL for further upside..into the $550s.
If retail sales across this holiday period come in at least 'reasonable'..market will have yet another excuse to rally into year end.
Goodnight from London