Daily Alert: Wednesday 8th November 2017

Mark Nugent Daily Alert, Nov 2017

Trading Analysis for Wednesday 8th November 2017

My oil trade remains positive, stop at breakeven. If you traded the FTSE100 reversal idea in the trading plan, you’d be in the money.

Yesterday, OPEC have begun the process of talking up the oil price prior to the 30th November meeting:

OPEC 2017 World Oil Outlook in a nutshell:

  • Demand increasing
  • Inventory decreasing
  • Nasty non-OPEC people shipping more stuff (evil USA)

OPEC Sec Gen says talks are underway to achieve a consensus on supply cut extension ahead of 30/Nov OPEC meeting, issue is duration

Sentiment dipped when it was reported that the Senate GOP is said to consider delaying corporate tax rate cut for a year, according to the Washington Post.

Risk sentiment dropped to neutral at best yesterday and off this morning. Most equities were up but have moved down in early trading today. US 10 Year yield grinds downwards. The JPY is flat. GOLD is rangebound. Currencies are flat, so very flat.

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