Can OPEC agree on something?

US equity indexes closed moderately mixed, sp +2pts @ 2204. The two leaders - Trans/R2K, settled lower by -0.2% and -0.1% respectively. VIX settled -1.9% @ 12.90. Near term outlook threatens downside of around 2%, but broadly, the market remains strong.


sp'daily5

VIX'daily3

Summary

A day of moderate chop. A touch of early weakness, then a rebound into the afternoon, but some distinct weakness in the closing hour.

VIX remains broadly subdued, the 14/15s remain viable tomorrow, with 16/17s viable Friday/early next week, if sp'2160/50s.

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Another OPEC meeting

WTIC oil, monthly

Oil had a rough day, net lower by -$1.85 (3.9%) @ $45.23. The market is clearly concerned that OPEC will meet, but will be entirely unable to agree on anything. I'm still mid/long term bullish oil - and the related energy stocks. That view is only re-considered with price action under the Aug' low of $39.19.

I remain broadly of the view that Mr Inflation is out there... lurking. I'd suggest anyone go stare at a 5 year chart for Copper... for at least an hour.

Goodnight from London