How many stories are there in town at the moment? What are the current obsessions for traders who, now that September is here, are routinely swinging the equity market over one percent on a daily basis?
To my mind, after a seemingly endless succession of sessions in July and August without a 1 percent move either up or down for the S&P, we are now being driven by two issues. First, the U.S. Federal Reserve's and its painfully slow rate hiking path and second by that old perennial – the oil price.
On the former, the merest whiff of a positive piece of data and the market goes into a stroppy teenager-like depression only to whoop with joy last week when the raft of underwhelming numbers more or less shut the door on any prospects of a hike. If we don't get a hike, it's going to be the same old story right up until the December FOMC (Federal Open Market Committee) and beyond.