Most US equity indexes remain holding borderline significant gains, as the equity/energy bears look exhausted. Indeed, despite a net build of 4 million barrels, Oil is +3.8%, around the key $30 threshold. Current price action is suggestive a bounce is underway, that will take us into early February.
Little to add.
It does seem we have a short term floor of sp'1812... and have already climbed almost 4%. Clearly, the markets attention will now swing toward the FOMC next Wednesday.. and the Q4 GDP data... the latter of which won't likely please the macro-bulls.
Arguably representative of many energy related stocks... a hyper gain of almost 20%, but then.. this stock is net lower by around -80% since last summer.There is nothing bullish about the bigger picture, as the US 'war on coal' continues.
2.28pm.. Hmm.... cooling from sp'1889 to 62.
Broadly though, that is still 50pts above yesterdays low... and I expect that to hold.
Arguably, bears getting another chance to close out... and/or go long.