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Post: Monday 'Day 14' | Daily Delphi

BlogsPit Talk › Monday 'Day 14' October 14, 2013, 6:50 am

FRIDAY RECAP
Crude oil came under pressure early Friday with an IEA report that called for a pull back in global demand for 2014. It managed to recover from it's lows throughout the day, lifted by a rally in equities. Gold took a drubbing all day as equities sailed on the wings of hope. As the day progressed all of the nice talk out of Washington was enough to raise the S&P to 1699 up +14.00 and knock gold down -28.7 to 1268.2.

TODAY'S ACTION
No numbers today. The markets will continue to watch and see if the kids can get it together. Some of last week's blush will fade if congress doesn't actually start putting out. Banks and other institutional investors have a fiduciary responsibility to liquidate any short term holdings that can't honor their obligations. No one wants to be the first one out but absolutely nobody can afford to be last. Trade wisely.


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