A Quiet Overnight Session of Trade

On March 23, 2012 by TradingDesk

It’s been a quiet overnight session of trade, after yesterday’s broad “risk off” selling. Asian markets remain cautious as rumors of political unrest in China keep buyers on the sidelines waiting for more news.

In the US the news seems to be sharply focused on energy prices, and what the politicians can do to solve the problem. After a one day rally on news that the lower half of Keystone would be expedited, the WTI/Brent crude oil spread reversed course, suggesting traders aren’t buying story. Refined products tested the lower end of their trading ranges, but bounced late in the day yet again, proving that indecision reins in energy markets for now. Our recent pattern has been to push higher ahead of the weekend, and without any major economic headlines expected today, look for that trend to continue.

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