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Wrap – Week Ended 11/4/16
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Comments and questions under The Wrap will be addressed in the Monday post.
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06
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Reason for futures to be up over 1% other than it bounced off the 50dma?
November 6th, 2016 at 6:15 pmre 1 – Comey / Clinton news.
November 6th, 2016 at 6:15 pmOk see that FBI cleared Hillary……markets got nervous that Trump had a chance to capture the election….
November 6th, 2016 at 6:25 pmre 3 – that would be my guess, have not checked energy news in the last few hours.
November 6th, 2016 at 6:29 pmOPEC appears challenged to make the upcoming meeting meaningful:
https://www.bloomberg.com/gadfly/articles/2016-11-06/opec-production-cuts-harder-to-achieve-without-friends-and-miracle
November 6th, 2016 at 7:32 pmNrgyman
i don't see how OPEC nations continue being uncooperative. they've been struggling for 2 years, many unable to fund their national budgets. For the first time in history Saudi Arabia took out loans and pay cuts, which is not something they look forward to for an extended period of time. Giving away their commodity at half price when they really don't have to is going to sink in hard when its time to make a decision on November 30th. I also see Russians supporting any measured productions caps as they are too approaching serious capital deficiencies. Not sure Russians actually live up to any agreements they make, but the notion of cooperation should send prices of commodity higher
November 6th, 2016 at 8:49 pm