Market Sentiment Watch: In energyland, stocks fell yesterday after OPEC failed to announce anything meaningful in Algiers (as was widely expected). News flow remains fairly low other than occasional mega deal which seems to happen on an almost biweekly basis of late. Saudi Arabia did suggest their exists a path to a potential agreement at the end of November which could exclude some member countries (including Iran) from capped production levels. We remain in the sideways trade and note that leadership names that brought us to recent cycle high levels have notably lost momentum and in some cases have broken technical levels a bit too easily over the last week. We're not actively shopping at the moment as the declines are not really there yet but we're watching more closely for opportunities with a focus on Shopping List names and a couple of non List names that are newer to us. In today's post please find the oil inventory preview (API last night again pointed to a decline for crude and a big decline for gasoline stocks), the natural gas inventory preview (another heat based smaller than normal injection is expected tomorrow), comments and an updated pro forma cheat for RICE in the wake of their big Marcellus buy announced Monday night, and some other odds and ends.
- We get Durable Goods at 8:30 am EST (F = -1.5%, last read was 4.4%),
- We get core capital equipment orders at 8:30 am (no forecast, last read was 1.5%).
In Today’s Post:
- Holdings Watch
- Commodity Watch - with oil and natural gas inventory previews
- Stuff We Care About Today - RICE
- Odds & Ends
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