FMX Connect- WWW.FMXConnect.com (Aug 9, 2011)
NYMEX Crude oil futures for August dropped $.83 on the day, trading $80.47 as of 4:30PM. Oil continued yesterday’s selloff in overnight trading and fell to a new low of $75.71 in morning trading. Oil then rebounded to a high of $83.05 in afternoon trading as Investors were optimistic that Bernanke’s speech would rally the market. After Bernanke’s speech oil sold off to $78 and came back above $80 in the late afternoon.
Wall Street Journal (Aug 9, 2011). OIL FUTURES: Crude Ends Lower As Fed Fails To Calm Fears
“Oil and other commodities fluctuated widely along with the stock market for a second straight session, but turned negative as the central bank failed to halt growing pessimism about policy makers' ability to support the flagging economy. The Fed signaled it plans to keep the benchmark short-term interest rates near zero for at least another two years, while also sharply lowering its view of the U.S. economy. But without any concrete moves to help drive growth, traders continued to retreat.” To read the full article, Click Here
Marketwatch (Aug 9, 2011). Oil settles at lowest since September
“Oil futures settled 2.5% lower and under $80 a barrel on Tuesday, as investors remained concerned about the prospects for the world economy and an equities selloff added to such worries. Oil for September delivery declined $2.01 to finish at $79.30 a barrel on the New York Mercantile Exchange, oil's lowest settlement since late September. To read the full article, Click Here”
CNBC (Aug 9, 2011). Oil Slides After Fed Low Rate Pledge Disappoints
“Oil fell back on Tuesday in volatile trading, deepening a steep week-long slemp after the Federal Reserve's promise to extend near-zero interest rates fell short of hopes for greater action to revive the economy.” To read the full article, Click Here
To view our exchange reports and articles on your PDA or mobile device, click here
-----
About FMX: FMX Connect is an information, data, and analytics portal for Commodities. The portal provides an all-in-one package including essential market data, independent third party research, industry news, and commodity trading tools. FMX Connect provides efficient, effective, and thorough data that bridges all aspects of commodities onto one screen. The Result; A user friendly application for hedge fund traders, OTC brokers, individual investors, and industry participants.
-----
Note: The information presented, while from sources generally believed to be reliable, is not guaranteed and may not be complete. FMX | Connect makes no representations or warranties regarding the correctness of any opinions or information. Past results are not necessarily indicative of future results. Nothing in this report should be construed as a representation to buy or sell shares, futures or options, which contain considerable risks. For internal client distribution only. Any reproduction, re-transmission, or distribution of this report without permission is prohibited. Media correspondents or reporters may not quote any one page or section in its entirety and must attribute all quotes, ideas or concepts herein. Copyright FMX | Connect, ©2009-2010. All rights reserved.