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Daily Market Update – September 29, 2016 (7:30 AM) Yesterday marked the fourth consecutive triple digit move. After oil having made a large move lower on Tuesday and markets not following suit, yesterday was a completely different story. For the most part the market completely ignored Janet Yellen’s appearance before Congress and instead it did nothing until an OPEC agreement came along to cut production. At that moment, just as oil prices started their climb, the market went back to its pattern all through 2016, of simply following oil. It did it again and rallied to that fourth consecutive triple digit move, once again taking the market higher. The moves yesterday and on Tuesday higher erased the downward moves the prior 2 trading days. That leaves the market ready to begin the morning with a GDP release and then the stream of Federal Reserve members coming through the day. The week originally had 12 such appearances, but that had gone up to 17, with 6 of those, including Janet Yellen happening today. So, it may be understandable why the futures markets are completely flat this morning. It may be interesting to watch the numbers through the day at 8:30, 8:45, 10:00, 10:15, 1:30 and then seeing what further talks at 4:30 and 7:15 may do for tomorrow. Originally this week, Janet Yellen was scheduled to be the last speaker from the Federal reserve, but that’s no longer the case, as today’s schedule has really been shuffled around and a speaker has now appeared on Friday, as well. But it may be a busy day as the battle of words and thoughts gets underway. There’s probably nothing to do but to try and not become collateral damage. |
