1pm update - Oil has likely put in a mid term floor

WIth Oil swinging from the $54s to $59s this morning - the largest % swing since spring 2009, there is a sig' likelihood that Oil has floored.. at least for a few months. Primary upside 'bounce' target are the low $70s.. which certainly seem viable by next spring.


USO, daily

USO weekly

Summary

*main market remains choppy, but it holding up relatively well, helped massively by the energy sector.
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So... Oil floored?

Probably... it'd seem the recent low of $53.60 was a key low. The low 70s look a relatively easy target within 2-3 months. From there, I'd still be looking for renewed downside in second half of 2015.

If Oil has floored in the near term.. is bodes especially bullish for ALL world equity markets... esp' the US.

Sp'2100s... remain due.
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back at 2pm.......... for the FOMC.