#WTI:
U.S. investors who had been betting the Fed would raise rates as early as the end of next year abruptly retreated from those positions on Friday after a disappointing April employment report and now see the earliest the Fed might tighten roughly two years away. April’s employment growth came in far short of expectations, probably restrained by a shortage of workers and raw materials even as demand improved rapidly. It would be hard to argue it stands as “substantial further progress” toward maximum employment, the test the Fed has said it must achieve before it begins dialing back its massive support for the economy. This is a positive signal for the oil market!
Trading recommendation: Buy 64.86 and take profit 66.41.
#SP500:
The 266,000 jobs that U.S. firms added in April were «nowhere near» what was expected, a Federal Reserve official said, and added little to the «substantial further progress» officials want to see before considering changes to monetary policy. The Fed in December said it would not consider changing its bond purchases until there had been “substantial further progress” in reaching its full employment and 2% inflation goals. The Federal Reserve policymakers little reason to do anything but keep the monetary policy tap wide open until the economy is on a clearer path back to full employment.
Trading recommendation: Buy 4215 and take profit 4266.
#Exxon:
The bullish rally in the oil market will have a positive impact on the value of oil corporations. According to the Organization of the Petroleum Exporting Countries, world oil demand in the second quarter will increase by 0.85 million barrels per day. And in the third quarter, demand will grow by another 3.1 million barrels per day. Exxon Mobil, unlike many of its competitors, will be able to increase its hydrocarbon production, which will have a positive impact on net income and dividend payments. Most of the company's competitors are located in countries where the OPEC+ agreement is in force, which limits their production.
Trading recommendation: buy 61.85 and take profit 63.40.
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