March 14, 2019 - Page 2 of 2 - Financial Occultist

Doing a bit of a catch up and noted this for oil markets

US legislation that has its aim to prevent OPEC from coordinating production and thus influencing oil prices passed the House Judiciary Committee back in February

the NOPEC bill … yep … the ‘No Oil Producing and Exporting Cartels Act’

Has OPEC a li’l bit perturbed … not surpassingly

This week the cartel warned if the bill passes Congress:

OPEC would stop working
Member states would boost output to maximum

Causing a crash in oil prices and thus:

put US shale producers under pressure

Brexit rumours – ERG MPs to indicate they’ll vote for the deal

14-Mar-19 05:14 am

Anirudh Sethi

Cable ripping higher still, well above 1.3330 now

ERG MPs to indicate they’ll vote for the deal at MV3. Alex Wickham from Buzzfeed is reporting on this. He said all the indications are unclear and that some still want no-deal but that Simon Clarke is one who will consider supporting a third meaningful vote.

Cable breaks above 1.33 in massive rally

14-Mar-19 05:06 am

Anirudh Sethi

Now up 235 pips on the day

Keep an eye on 1.3350 as cable mounts a monumental rally. The chart of the past three days has been an absolute mess with massive moves in both directions.

The climb above the weekly high is bullish but a break of 1.3350 would be the key technical change. That’s going to be tough in the short-term but liquidity is going to be lower in the hours ahead so it could be a dangerous one.

S&P and Nasdaq close up for the 3rd day in a row but give a little back into the close

14-Mar-19 05:03 am

Anirudh Sethi

S&P and Nasdaq up 0.69%.

The broad S&P and Nasdaq index closed up for the 3rd day in a row. However, some of the gains were taken back into the close.

The S&P index is closing up 19.4 points or 0.69% at 2810.92. The high reached 2821.24. the low extended to 2799.78.
The Nasdaq index is closing up 52.375 points or 0.69% at 7643.40. The high reached 7677.07. The low fell to 7619.45
The Dow closed up 148.23 points or 0.58% at 25702.85. The high reached 25776.49. The low reached 25571.31.

Boeing planes have now been grounded around the world. Despite the grounding, the price has closed higher by 0.56% at $377.10. The low for the day reached down to $363.33 before moving higher into the close.