Overnight:
Oil catches a bid ahead of inventories. The two immediate levels of resistance are 80.45 and 80.80. The November contract corrected three points from the highs in three days, buyers are stepping in. It remains to be seen how much conviction they have.
Remember that we have durable goods pre-open. The market is waffling between buying bad news and selling it, depending on the mood of the day. The bull side dreams of more rate cuts and the bear side points to recessionary forces. It remains to be seen what the reaction will be on good news. Frankly, I don't think anyone can predict what the Feds will do until the October jobs report.
Oil catches a bid ahead of inventories. The two immediate levels of resistance are 80.45 and 80.80. The November contract corrected three points from the highs in three days, buyers are stepping in. It remains to be seen how much conviction they have.
Remember that we have durable goods pre-open. The market is waffling between buying bad news and selling it, depending on the mood of the day. The bull side dreams of more rate cuts and the bear side points to recessionary forces. It remains to be seen what the reaction will be on good news. Frankly, I don't think anyone can predict what the Feds will do until the October jobs report.
This entry was posted
on Wednesday, September 26, 2007 at 9/26/2007 06:14:00 AM.
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