Wednesday, 25 November 2015

10am update - subdued open

US equities open subdued, but then.. a holiday break looms. A daily close in the sp'2100s remains very viable... having seen a higher low of 2070. With the USD +0.5% in the DXY 100.00s, Oil is -2.4% in the $41s, ahead of the EIA report. Metals are weak, Gold -$6, with Silver -0.6%


USO, daily2


Santa @ the NYSE... Dr Evil @ Nasdaq ?

Equity bulls need to see the market react at least moderately favourable to the latest EIA oil report.. due at 10.30am.

Some algo-bot melt is possible today.. but.. in theory.. it won't likely be much.. as price action will likely get increasingly subdued. I guess that will offer me opportunity to highlight all sorts of things this afternoon.

PMI service sector: 56.5... nothing bad there.

New home sales.. 495k... a touch under expectations.. but better than the previous 468k.

Consumer sentiment: 91.3... a little weak.  Do we blame the weather for that?

.. back at 10.30am.. for the Oil report.

10.31am..  961k oil inventory surplus...  not horrific, but then... neither is it a negative number.

Consider the current daily cycle... I'd guess Oil will still manage to hold $40 in the near term... and proceed at least to $45.

.. as things are.. Oil is -1.5%.... battling to turn positive by the close.