OPEC fail to agree on supply cuts

With OPEC failing to agree to reduce output, Oil prices have strongly snapped lower.. losing the $70 threshold.. now in the low $68s. The original target zone of 65/60 looks set to be hit before year end. Now the question is... 50/40s in 2015 ?


WTIC, monthly'2, rainbow

Summary

As I type (11.30am EST).. WTIC oil futures are at $68.38, a fall of $5.11... 6.9%. On any basis, it is a severe drop but not unexpected.

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*gold bugs beware.... a 'Sunday night surprise' (post Swiss vote) is equally VERY likely...

Gold is currently -$5 at $1190...  I'd expect the 1080s at least 'briefly' before year end. That of course would have 'interesting' implications for the mining stocks.
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Update from Mr Carboni


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time for lunch.... more later....

Daily Wrap

US equities saw a natural day of micro chop, with the sp'500 settling +5pts @ 2072. VIX remains subdued, -1.5% @ 12.07 (intra low 11.91)... back to levels from mid September. Broader outlook remains for another 2-3% of upside before the next minor retrace of 4-6%


sp'daily5

R2K, daily

VIX,daily3

Summary

Not surprisingly, a quiet day.
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Looking ahead

For many.. it will be a day of roasted Turkey. I guess that is bullish.. yes?

Happy Thanksgiving to my American readers!

Goodnight from London
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*I will probably post something on Thursday... not least on Oil, which will likely react strongly to the outcome of the latest OPEC meeting.