Wednesday 3 September 2014

2pm update - time for some fedspeak

The latest Fed beige book is due at 2pm, with the sp'500 set for another daily close above the giant 2000 threshold. Oil continues to build gains, +2.0%, whilst Nat' gas continues to slide, -1.9%. Metals are slowly trying to bounce, Gold +$5.


USO, daily


UNG, daily


Summary

*Certainly, there is a pretty severe discrepancy between Oil and Gas today. The EIA will have the weekly Oil and Gas reports tomorrow morning.
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So...lets see what the market makes for the Beige book.

Best case downside for the bears looks to be sp'1995, but really, style of price action remains the same bullish upside that we've seen for a very long time.
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Notable weakness, airlines, DAL -5.5%.