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Trading correction underway in oil and stocks

Trading correction underway in oil and stocks

Monday saw traders pause to collect their bearings after two days of big rebounds. For much of the day stocks were pretty much flat but fell over the last couple of hours to close at their lows of the day, suggesting that we could see a downward correction to kick off today’s Asia Pacific trading. Crude oil also had a rough day, it was pretty clear that oil’s 8% gains on Friday weren’t sustainable and so a trading correction didn’t come as a complete surprise although WTIs failure to hold $30.00 does indicate that the bears haven’t been defeated yet. CAD also fell back but was able to hold $0.7000, a sign that traders see today’s oil as a correction rather than a resumption of the prior downtrend. There wasn’t a lot of major news on either the corporate or economic side to really move the markets. McDonalds earnings were pretty well received all things considered while the very poor Dallas Fed reading shows that conditions in the oil patch remain really really tough. It’s a slow day for Asia Pacific news but China may remain in focus with traders looking for more signs of stabilization while JPY and the Nikkei could attract attention as traders position ahead of this week’s Bank of Japan meeting. Speculation of more stimulus that had flared up last week appears to be dwindling again. A lot of technical damage has been done over the last few weeks and the bulls have their work cut out for them. Because of this, we may continue to see significant intraday swings in both directions, creating opportunities for short term trading. Corporate News There have been no major announcements after the US close so far. Economic News Significant announcements released overnight include: US Dallas Fed (34.6) vs street (14.0) vs previous (20.1) Russia GDP (3.7%) vs previous 0.6% UK CBI orders (15) vs street(10) UK CBI selling prices 1 vs previous (2) UK CBI business optimism (4) vs previous (12) Germany IFO current assessmt 112.5 vs street 112.6 Germany IFO business climate 107.3 vs street 108.4 Germany IFO expectations 102.4 vs street 104.1 Italy retail sales (0.1%) vs previous 1.8 Upcoming significant economic announcements include: (Note: 11:30 am in Sydney/Melbourne is currently 1:30 pm in Auckland, 4:30 pm in Vancouver, 7:30 pm in Toronto/Montréal, 12:30 am in London and 8:30 am in Singapore) 8:30 am AEDT NZ service PMI previous 59.8 4:00 pm AEDT Singapore industrial production street (7.2%) 8:30 am GMT Sweden producer prices previous (1.5%) 9:00 am GMT Poland unemployment rate street 9.7% 9:00 am GMT Poland GDP street 3.5% 9:00 am EST US FHFA house prices street 0.5% 9:45 am EST US flash service PMI street 54.0 10:00 am EST US consumer confidence street 96.5 10:00 am EST US Richmond Fed street 2 CMC Markets is an execution only service provider. The material (whether or not it states any opinions) is for general information purposes only, and does not take into account your personal circumstances or objectives. Nothing in this material is (or should be considered to be) financial, investment or other advice on which reliance should be placed. No opinion given in the material constitutes a recommendation by CMC Markets or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person.

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