After a strong round of profit-taking selling , the oil complex is starting the New Year in negative territory once again. Heading into 2014, the oil complex will continue to focus on the ongoing geopolitical issues.
Iran has won an easing of certain sanctions on oil, auto parts, gold and precious metals for six months by agreeing to curtail its nuclear activities. Iran sits on the world’s fourth-largest proven oil reserves.
The Fed emphasized the taper should occur, but will wait to make that move. Economists at Citigroup Inc. and Barclays Plc said yesterday’s Fed policy statement opens the possibility of reduced bond purchases as soon as December.
Who dares enter the long side of the energy complex? It's close to midnight and something's selling oil in the dark. Under the moonlight, you see a drop that almost stops your stop. You try to scream, but the market takes the trade before you make it.
The DEC13 E-mini S&P 500 is now up 5.25 points from yesterday’s close, and we all know that yesterday was a huge day up for the equity markets. Looking at this market using the “market profile,” we actually have an upside target of 1725.