FED Open Market Committee Meeting Triggers Corrections

On February 21, 2013 by TradingDesk

A major correction is underway in energy and equity markets after the minutes of the Federal Reserve’s latest Open Market Committee meeting were released yesterday, and members discussed pulling back on the liquidity infusions that the market has become quite accustomed to over the past 4 years. With record amounts of speculative money in energy futures as of  last week’s report, the sell-off has been swift, with RBOB now trading 17 cents below its Monday highs, and HO off a dime. WTI has broken through support at $95 and RBOB has fallen below $3, which sets up further downside potential on the charts.

CLICK HERE for a PDF of this morning’s charts

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