sp'60min
USO, daily2
Summary
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| Santa @ the NYSE... Dr Evil @ Nasdaq ? |
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Equity bulls need to see the market react at least moderately favourable to the latest EIA oil report.. due at 10.30am.
Some algo-bot melt is possible today.. but.. in theory.. it won't likely be much.. as price action will likely get increasingly subdued. I guess that will offer me opportunity to highlight all sorts of things this afternoon.
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PMI service sector: 56.5... nothing bad there.
New home sales.. 495k... a touch under expectations.. but better than the previous 468k.
Consumer sentiment: 91.3... a little weak. Do we blame the weather for that?
.. back at 10.30am.. for the Oil report.
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10.31am.. 961k oil inventory surplus... not horrific, but then... neither is it a negative number.
Consider the current daily cycle... I'd guess Oil will still manage to hold $40 in the near term... and proceed at least to $45.
.. as things are.. Oil is -1.5%.... battling to turn positive by the close.