How was this trick done? I guess you could say once again; bad news is good. Markets opened lower until oil rallied after being lower by 4% despite a rise in inventories. Traders focused on weaker crude production which saw distillates and gasoline production weaker. Currently oil markets are 90% correlated to the stock market. And, there you have all you need to know about Wednesday.
Oh, and we know economic data doesn’t matter anymore to trading bots but today’s data was awful. PMI Services FLASH plunged to only 49.8 vs prior 53.4; New Home Sales also plummeted to only 494K vs prior 544K; and, as mentioned Crude Oil inventories rose to 3.5 million bbls from prior 2.1 million bbls but