12pm update - tea time with Yellen

US equities are seeing a minor down cycle, first support is sp'2090. Meanwhile, Fed chair Yellen is set for some polite chat at the Economic club of Washington. Mr Market will most certainly be listening for any excuse to rally this afternoon. Oil is continuing to cool, -2.7% in the mid $40s.


sp'60min

USO'daily2

Summary

Seriously, how could any equity bear get excited about this mornings cool down, after the sp'2100 threshold was closed above yesterday?

Whilst first target remains 2115/20 zone... even that makes little sense as a high in the near term.... a straight run to the 2150/70s is almost as equally probable... with 10 trading days until the day the fed finally (they had better!) raise int' rates.
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VIX update from Mr T.



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time for tea.... with Yellen set to appear at 12.25pm.

11am update - sunshine ahead of the Yellen

US equities are seeing continued minor chop ahead of Yellen, whom is due to have a polite little chat at the Economic club of Washington. Mr Market will most certainly be listening. With the USD +0.5% in the DXY 100.30s, commodities under pressure, Gold -$12, whilst Oil is trying to rally off the lows, -1.2%


GLD, daily

USO, daily2

Summary

It is certainly no surprise to see commodities under USD pressure.

Cyclically, metals/oil are both due an up cycle.

For oil, the OPEC meeting this Friday will offer a viable excuse to break upward.

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meanwhile.. here in London city....

A very reasonable late afternoon for early December.

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back at 12pm... for the Yellen, whom I believe will get live coverage on clown finance TV.

10am update - opening chop

US equities open with very minor chop, around the sp'2100 threshold. A move to 2115/20 zone looks very probable, more viable early Thursday.. than late today. With the USD +0.4% in the DXY 100.10s, commodities are under pressure. Gold -$10, whilst Oil is -1.6%, ahead of the EIA report.


sp'60min

USO'daily2

Summary

So, ADP jobs data came in fine.

Next up, the EIA oil report (10.30am)

Equity bulls could do with a whipsaw higher in Oil...  back into the $42/43s.
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notable strength...

QCOM, daily

There is some kind of China deal news. The previous two days of trading were certainly suggestive of a move higher, with the MACD cycle turning positive.
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time to shop... back soon.
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10.31am.. Oil inventory surplus.. 1.8 million barrels.... not great.... but neither apocalyptic.

Oil is holding -1.6%.. but with bad news out of the way.. the threat is now of a whipsaw higher.
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