GLOBAL TRADER
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Markets looking very strong indeed good call on the 10700 level. Looks quite lively.
Any views on resistance on the S&P?
Any views on resistance on the S&P?
GLOBAL TRADER
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OK Pat - does that mean just keep buying it until the Dow gets to 11k?
Racer
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Pat494 said:
Certainly was! See how far they could squeeze...
That H&S right shoulder now in place, a bit higher than I thought, but they were squeezing pretty tight.
Will it continue to fall now or not that is the question!
DAX/FTSE/CAC haven't been that impressed with the US rally
Racer
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Nymex crude hits new record of $65.45/bbl as gasoline futures continue to soar on reports of new refinery problems. Among the latest refinery outages: ConocoPhillips' Wood River, Ill. refinery units were affected by a power outage late Wed, while BP is reported planning to shut units at its troubled Texas City refinery. Several units already down at the plant; not clear what units will be brought down for inspection. Sep crude up 55c at $65.45, facing resistance at $66.
GLOBAL TRADER
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Seems to of squeezed equity prices this oil hike. One second high oil prices are good for equities the next its bad. Anyone got any views on Oil rising - this seems to be weakening the dollar?
GLOBAL TRADER
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Speaking to a couple of specialist Oil traders and they cannot see any reason for oil being up here!
2 months ago oil prices were going to rise because of the summer driving season, oil prices are now rising because of supply worries. And they are likely to comment on the Impending Winter supply problems. What is next - $70/80???
2 months ago oil prices were going to rise because of the summer driving season, oil prices are now rising because of supply worries. And they are likely to comment on the Impending Winter supply problems. What is next - $70/80???
Dow has been in this wide 10500 - 10750 range now for 4 weeks. It has so far defied the oil price hike and serial interest rate rises which will continue over the next few months.
Inflation remains under estimated due to the way that the figures are fudged.
Trade deficit for June will almost certainly have increased over the May figure of $55bn due to higher oil prices.
Retail sales are slowing.
The decoupling of the Yuan against the dollar, in favour of a mixed basket of currencies peg, will probably diminsh the Chinese appetite for Treasury bonds which in turn could provide further inflationary pressures.
Dollar is declining against both the Yen and the Euro
This is an irrational market that is overdue a correction on the short side.
Probably needs a catalyst to trigger a break below 10500.
Question is what will that be and when will it happen :!:
Inflation remains under estimated due to the way that the figures are fudged.
Trade deficit for June will almost certainly have increased over the May figure of $55bn due to higher oil prices.
Retail sales are slowing.
The decoupling of the Yuan against the dollar, in favour of a mixed basket of currencies peg, will probably diminsh the Chinese appetite for Treasury bonds which in turn could provide further inflationary pressures.
Dollar is declining against both the Yen and the Euro
This is an irrational market that is overdue a correction on the short side.
Probably needs a catalyst to trigger a break below 10500.
Question is what will that be and when will it happen :!:
GLOBAL TRADER
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We have already scene the Feds stance on Yields - the markets have really brushed aside this factor.
Stocks seem to be the hot topic again, however KRIESAU is correct the US has been stuck in a funk.
I coudl probably see Brent Crude getting to $68.00 and bottling the $70 mark, which means a squeze back to $62.50. Cable looks slightly over done against the dollar above $1.800, and a pullback to $1.7750 could be on the cards. Keep stops tight and trade what you see guys!
Stocks seem to be the hot topic again, however KRIESAU is correct the US has been stuck in a funk.
I coudl probably see Brent Crude getting to $68.00 and bottling the $70 mark, which means a squeze back to $62.50. Cable looks slightly over done against the dollar above $1.800, and a pullback to $1.7750 could be on the cards. Keep stops tight and trade what you see guys!
re crude: my worry is that the indices are absorbing higher crude, and as crude over extends itself there will be an inevitable shakeout. The market will react to this my rallying to new highs when crude heads towards $60. But in the defence, when we sell off in the states you can often go so quickly. you can be meandering along and then you break a level and all hell gets loose, i.e a couple of months ago when we crapped off 200 points quick time. 10535 anyone!?
