- In the commodities space, Oppenheimer notes in its weekly strategy piece that sentiment towards commodities is low (with the exception of oil where sentiment remains bullish), but starting to turn up in key markets such as natural gas, gold and copper. An RBC note this morning highlights the high long position by large and small speculators in oil, while the commercials are near record short positions
- Debt ceiling debacle – could it happen? Although Ted Cruz’s (he of renounced Canadian citizenship fame) talking and talking and talking (and still talking) cannot delay the vote, the time is short. The vote in the Senate on the House bill (which defunds the healthcare act) is expected to occur today but procedurally there are a few things that need to happen. As well, the bill that passes the Senate (without the defunding clause but with details that will allow an extension of the debt ceiling) will likely not make it to the House until Sunday. Midnight Monday is the deadline.Traders see uncertainty and uncertainty means risk which ultimately means more volatility than we all care for. Markets are down modestly on the worry
Source :Frances Horodelski
Bnn
