The striking Consumer Confidence report has elicited a surprising reaction in Stocks with prices, although still higher on the day, coming under pressure, with S&P futures 10 points of their highs. Maybe there just aren’t anymore buyers out there, but the reaction will worry longs there. Elsewhere Eur/Usd is back down in the 1.4320 area. No confirmation that it was the usual suspect selling in the 1.4360 vicinity, but the threat seems to have been enough.
$75 a barrel seems to be the nemesis for the oil market at the moment with it once again hitting a high at 74.96, before slumping back down to 73.50. Maybe the reflation trade is taking stock.