Oil Is Down Ten Times In Eleven Days

I spent this past weekend in Florida. Unfortunately, my flight back was canceled due to the blizzard. The make-up flight was canceled as well.

I finally caught a Tuesday afternoon flight back only to learn that the much-hyped blizzard really wasn’t that bad.

The stock market was mostly quiet on Tuesday. On Wednesday, the Fed will announce the decision of their meeting. I’m expecting a rate increase, but it will be interesting to see if there are any changes to the Fed’s economic forecast. Janet Yellen will hold a press conference as well.

This morning, Cognizant Technology Solutions (CTSH) announced an accelerated buyback plan. The company will buy $1.5 billion worth of CTSH. The stock rose in early trading but then pulled back. As I’ve said many times, I’m not a fan of share buybacks, but it does show that the company is doing well.

The most interesting movements have been happening in the oil market. Crude has dropped seven days in a row, and ten times in the last eleven. Over that span, West Texas Intermediate has fallen from $54.01 to $47.72 per barrel. The Energy ETF dropped to a four-month low.

Oil is now below its 50- and 200-DMA.

Posted by on March 14th, 2017 at 11:31 pm


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