US Stock and Commodity Markets Moving Modestly Higher

On May 29, 2012 by TradingDesk

US stock and commodity markets are moving modestly higher this morning, as the worst trading month in nearly a year for many markets winds to a close. Liquidity injections into Spanish and Greek banks have eased short term liquidity fears, but at the same time highlight the dire situation across the pond.

While talks with Iran over their nuclear program stalled, again, crude prices are barely reacting as OPEC production increased in the past month, with new barrels from Iraq and Saudi Arabia offsetting the losses caused by Iranian sanctions.

In the near term, energy prices seem to be attempting to carve out a bottom, with a bounce into the mid $2.90 range a strong possibility, although longer term studies suggest this is simply a consolidation in a longer term bear trend.

CLICK HERE for a PDF of this morning’s charts

 

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