T'was the last Energy Report before Christmas, and all through the pits, the rise in the oil market was giving traders a fit. Traders put on their positions with care, because with all of the fracking the supply would be there.
The oil bulls that have controlled oil for the month of July are in trouble. With near record long positions in both Brent and WTI crude and chart formations that are looking ominous they need the Fed to justify their bullishness.
Equities have continued to consolidate as pull backs in the S&P have remained much calmer than those of the Nasdaq. The NQ though was able to hold the major support level at 3025 with a low of 3023.50 before recovering.