10am update - opening chop

US equities open with minor chop... but are making an attempt to build moderate gains into the sp'2050s. Price action is clearly going to remain unstable until the FOMC is out of the way. Oil remains weak, -0.8% in the $36s.


sp'60min

USO'daily2

Summary

I don't expect the same degree of price volatility that we saw yesterday.

What would be most surprising would be if the market can just push straight higher today.

Far more probable... broad chop all the way to next Wednesday.
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As a fair few have noticed, energy stocks are making repeated attempts to build a key floor

APC +0.3%

It is a rather bizarre thought that the $60 threshold is almost 20% higher.
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RIG +0.1%
SDRL +3.5%...

As for Oil itself.. even the $40 threshold looks difficult... not least after the way the market reacted yesterday.. despite a net draw of -3.6 million barrels.

*WTIC broke a new multi-year low of $36.52 in early trading.