The market opened this week at/near 96.75s, at/near the prior week’s Stopping Point Low. Upon the restest of the Key Structural Support at/near 96.55s, responsive buy programs entered, driving price higher achieving a Stopping Point High 98.15s. Responsive sell programs entered there, developing Balance, 98.15s-97.30s, into midweek as the market priced in the weekly EIA data and the FOMC’s “Taper” decision.
Following micro balance into Thu at/near the Weekly Balance High, 98.30s, initiative buy programs entered, driving price higher out of Balance in a buyside directional phase, achieving a Stopping Point High, 99.50s, at/near late Oct’s Overhead Supply Cluster, 99.60s-101.60s. Responsive sell programs entered there, as the market retraced, developing Balance, 99.50s-98.60s, into week’s end, closing at/near 99.30s.
- Stock Market Paradox. Fed Taper Followed By Rally. (John Makin)
- BOJ Sees Significant Room For More Bond Purchases. (Bloomberg)
- RBA Governor Cries Uncle. (WSJ)
- Global Arctic Wars Underway. (RT)
Supply/Demand & Markets
- Liquidity Lowdown: Jim Rickards & Steve Roach. (The Deal)
- Medium Term Coal Report. (IEA)
- Oil Price Forecast For 2014. (CGES)