Monday, 2 May 2016

1pm update - oil under pressure

Whilst US equities are holding moderate gains in the sp'2070s - with VIX 15s, there is notable weakness in Oil, currently -2.7% in the $44s. The over supply issue remains completely unresolved, and with prices back in the 40s.. some are no doubt ramping up production.

USO, daily2



Note the black-fail candle from last Friday.. they are not to be dismissed lightly. It is a very valid question whether Oil has maxed out in the $46s.

As for equities... clearly, next opportunity for sig' downside is not until tomorrow.. if not Wed' - when we have the next ADP jobs.. and indeed, the latest EIA report.

notable weakness.. APC, daily

On the edge of breaking rising trend from the Jan' low. Kinda interesting?