Crude oil reversed sharply to the upside last week so it seems that five waves down completed the wave 3) and the current rally is a part of a contra trend reaction.
Federal Reserve officials are renewing a debate over cutting interest paid to banks on excess reserves, a move aimed at convincing investors that tapering its bond-buying isn’t the same as tightening its monetary policy.
Tomorrow morning markets will react to the release of the November unemployment number. This release will be watched very closely as market participants look for clues for when the Fed might taper its $85 billion a month bond buying program.
Paul Volcker said he wasn’t involved with writing the final version of the rule that bears his name.