AM Comments 01/27/15
Tuesday, January 27, 2015, 8:01 AM
Submitted by: Dustin Weiner
The markets started off lower last night but have rallied a touch since then to trade a touch higher. Feels like this little pop high is due to a lack of selling interest (thanks to the recent sharp declines). In other words “it has went down far enough for now”. Also supporting things today is a weaker $US which had recently been on somewhat of “nonstop” rally. On the negative side, we are still hearing whispers that China is in trying to switch more of their US purchases down to South America. This isn’t surprising, but it also isn’t supportive to prices.
Overall for today, the markets are starting to feel oversold so a short-covering rally would not be surprising. However, the overall bias in the market still feels that long-term, prices have room to work lower…
Have a great day!