They say if you mess with the bull you get the horns.
Dow: +117.86…
Nasdaq: +23.81… S&P: +10.30..
Crude oil was in focus as investors examined a mixed reading of the IEA’s monthly report and responded to commentary from Saudi’s Oil Minister. The IEA trimmed its 2017 global oil demand estimate to 1.2 million barrels per day (from 1.3 million barrels), but also stated that it expects the supply overhang to be gone by the end of 2016. Separately, the Saudi oil minister indicated that the current market situation and potential plans to stabilize oil prices would be discussed at the cartel’s next meeting on September 26-28. The market likely took this news with a grain of salt, remaining skeptical of potential production cuts from the oil collective. Nevertheless, crude oil rallied 4.2% ($43.50/bbl; +$1.74) on the news, likely benefiting from a fair amount of short covering.
The U.S. Dollar Index (95.91, +0.26) ended higher as the pound, euro, and yen each lost ground to the greenback.
Energy is acting better and I added WXP as a long idea today. I also like SM and SN in the oi patch.
Outside the oil patch I have GIMO on my radar as a potential long. I think this one can get moving to 50-52. Will let you know if i add it.
