Thursday 2 April 2015

2pm update - pre-holiday chop

US equities are battling to hold minor gains, a daily close in the sp'2050s remains very viable. VIX is subdued ahead of the Friday jobs report, -3% in the 14.60s. Metals are weak, Gold -$3. Oil is broadly weak, -1%.. as Iranian developments suggest more oil is coming this summer.


sp'60min



USO, daily


Summary

*It remains somewhat amusing that despite all the powerful up days.. Oil remains very close to the recent lows. Nothing has changed in terms of supply... a 'fire sale' remains very likely this summer.
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Little to add on equities. I'd still expect some degree of selling to appear in the closing hour of this trading week, as some of the rats get twitchy.
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notable strength: DISCA +2.4%... I'm not aware of the reason, and its counter to the recent weak price action.