WTI crude oil futures surged last week, but have yet to materially break out of their multi-quarter trading range between $40 and $50/barrel. Today, focus will be on the weekly EIA inventory report to see if the data can help propel the energy market back to fresh highs.
Since the unexpected Republican sweep in the US elections, the combination of strong growth expectations and more recently, upbeat Chinese manufacturing data has spurred an impressive rally in copper futures.
Gold futures continue to hold on to critical support in the low $1200’s for now, but if the dollar rally continues, it will likely end the short-lived bull market we pointed out back in April.
Oil futures got caught up in “risk trading” during the election drama. Energy futures sold off hard with global stocks overnight Tuesday and then surged higher as money poured back into risk assets on Wednesday. That was about the extent of the effect that Trump had on the energy markets at least so far. Tyler[…]
Copper tested and held a multi-month uptrend support line yesterday, but if that level near $2.10 is materially violated it could be forecasting a further slowdown in an already very sluggish global growth rate.
Since we recommended getting long natural gas on September 21st, futures have rallied more than 17% trough-to-peak and we believe there is still more room to run to the upside in both the near and longer terms.
Gold plunged to a 3 month low yesterday amid a hawkish shift in Fed policy expectations this week. Despite the near term breakdown however, the long term trend is still bullish.
Gold futures are currently in a “consolidative pullback” from the post-Brexit highs in June, however the longer-term trend remains a bullish one.
In a move that should have surprised no one (this would have been useful about three months ago), yesterday’s IMF downgrade of the global growth outlook for 2015 and 2016 did put a dent in some markets. The IMF downgrade cut estimates by 0.20% for each year, respectively. The IMF downgrade astutely cited emerging markets[…]
Yesterday I saw in multiple financial news sites (including some of the best like the Wall Street Journal, Financial Times and Reuters) say that stocks were rallying on the hopes of delayed rate hikes and longer 0% interest rates. We and others have (correctly) been saying for months that the “bad” economic data is no[…]