Crude Oil is once again a big story on the street after it rebounded despite another inventory build. NASDAQ led the market higher but did so in lighter trade. Fears over a credit event have certainly died down after crude oil has enjoyed ripping bears to shreds. All eyes will shift to Draghi tomorrow in hopes rates are cut further, more QE, and an extension to QE another 3-6 months. Will Draghi deliver what he has promised? The likes of Coke and Phillip Morris leading us higher does not provide us with much confidence. We will continue to manage our risks and signals while keeping an open mind to all possibilities.
Next week we will hear from the Federal Reserve. We haven’t the slightest clue what the central bank will do nor how the market will react. Odds do favor them doing nothing. We will react to how the market responds to the news.
Keep grinding!
