Daily Alert – Thursday 6th October 2022: OPEC+ overdelivers on production cut

Mark NugentDaily Alert, October 2022

Daily Alert – Thursday 6th October 2022: OPEC+ overdelivers on production cut

Good morning.

Risk sentiment reverted to indecisive yesterday.

OPEC+ agreed an unexpectedly large production cut of 2 million barrels per day. Further, the EU agreed a price cap on Russian oil which will have the effect of taking some Russian oil out of the market at least in the short term.

Equities were as flat as a pancake. I got out of my Japan225 trade for a profit of around 1.6 percent.

Currencies did not tempt me. There was no sentiment on which to trade the JPY with the commodity currencies, and the USD, EUR and GBP are all going against my bias on the weekly candle.

That’s probably it for me in terms of trading for this week.

I’ll be back tomorrow with your Performance Report for September and year-to-date.

VIP Club members can see today’s video, all brief trading videos, the Monthly and YTD Performance videos, the Trading Video Course and download the MTM Indicators software HERE