Market Sentiment Watch: Nervous market conditions back in force over the last week. In focus today, The FOMC decision followed by what will be the most parsed press conference of Janet Yellen's tenure to date. In energyland, the E&P group has very little traction at the moment as we approach peak inventories. After writing about nervous market conditions late last year post November OPEC inaction and into early this year we added lightly to the ZLT, largely via Trading positions (3 to 9 month holds in mind) on top of Cores (2 to 3 holds in mind) and of late via the shorter term trading account (the ZMT where the M stands for medium or in this case misnomer as we are looking for 3 month type and shorter moves there this year). IF the E&P continues to contract towards the December lows we are increasingly of a mind to bring in reserve capital. This will likely be in April, stay tuned. In today's post please find an updated cheat sheet for RSPP and some other odds and ends.
- We get the FOMC statement at 2 pm EST today,
- Followed by the bimonthly Yellen press conference at 2:30 pm EST.
In Today’s Post:
- Holdings Watch
- Commodity Watch - with oil and natural gas inventory previews
- Stuff We Care About Today - RSPP, ZLT+ Grid
- Odds & Ends
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