|Thursday, October 06, 2016|
SPX Down, Dollar Up, Crude Flat
This is the fourth session US markets are range bound primarily due to low volatility and the weeklong China holiday. There is weakness is the DAX and FTSE100 following DB’s discrete talks with Germany, ECB Taper Rumor, and fears of Article 50 triggering. Oil gained ground prior session on EIA inventory draw and is now flat on the session following Algeria’s oil minister who said that OPEC could cut 1% more than agreed upon. Much resistance sits at 50 handle with US Shale itching to come back online as well as forex flows of a strengthening dollar.