sp'60min
Summary
The FOMC meet today... but the announcement is not until tomorrow at 2pm. I suppose there is always threat of a leak.... or just an old school rumour that someone knows.
In any case, I remain of the view that the market will ramp.. regardless of decision. From a technical perspective, this market looks set for the sp'2000s... probably 2040 or so... before next rollover.
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Update from Oscar
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Doomer chat, Hunter with Stockman
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Overnight China action: For almost 95% of the day.. China was in moderate chop mode.. but then exploded higher into the close. The Shanghai comp' settled +4.9% @ 3152. Further upside to the 3400/500s looks due... before the 2500/2000 zone.
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Yours truly is somewhat focused on Oil. The Tuesday API report showed a net draw down... if the EIA report shows anything -3 million barrels or more... Oil should break into the $46s... and keep going into the weekly close.
USO, 60min
*in pre-market, USO is +1.4% @ $14.78. I'd like an exit >15.50 or so, 16s would be great... but clearly, that is not viable until tomorrow... or more likely Friday/early next week.
Have a good Wednesday
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8.31am.. CPI data: -0.1% m/m 0.2% y/y
Equities: sp +2pts... 1980
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notable early weakness, DIS, -0.4% @ $103.00
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Gold +$7.... Oil +2.0%... the EIA report (10.30am) will be rather important.