The local markets' futures have resisted overnight strength in the US which saw the S&P close .5% higher while the Nasdaq eeked out 1% gains.
We look in for a modestly positive open, just 3 points, will fuel be found to deliver some gains?
Oil prices retreated slightly and session highs were eroded for the Dow, at one point 130 points higher before closing 75 points north.
The Q3 reporting season continues to progress swimmingly as roughly 79% of S&P 500 companies have exceeded their bottom line forecast by a robust 6%.
U.S. stocks have been holding in a narrow range recently, falling 1.1 percent over the past three months, as trading volume has remained unseasonably low. "I think there aren't that many players that want to get into this market unless we break out of this range," said KKM's Deming. 1
Oil prices fell as much as 2 percent on Monday after Iraq said it wanted to be exempt from an OPEC production cut, though prices drew some support from a rally in Wall Street shares and a draw in crude inventories at the U.S. storage hub of Cushing, Oklahoma. 2
Gold prices ended the U.S. day session modestly lower in two-sided trading Monday. The key “outside markets” turned into in a bearish posture for the precious metals markets as the trading session progressed. The U.S. dollar index moved higher and hit a seven-month high. Meantime, Nymex crude oil prices were lower on reports that said Iraq said it wants to be excluded from any OPEC oil-production-cut deal. 3
