Good morning. Futures are reasonably higher, sp +11pts, we're set to open at 1637. Metals are moderately lower, whilst Oil is +0.25%. It would seem likely we'll break the 1640 peak today, and make a challenge of 1648, no later than the latter half of Tuesday.
Well, those bears seeking follow through after Fridays lower close will be highly annoyed at this mornings likely open.
The smaller 15/60min cycles offer good upside into late morning, and we'll likely be trading >1640 by 11am in my view.
*very large QE-pomo today of 5-6bn, so there should be underlying pressure to the upside across the entire day.
I am currently long the indexes, and MRO...and short SLV.
So far..everything is set to go my way to begin the week.
Good wishes for the trading week ahead!
9.38am.. EXITED small index long @ sp'1640
will re-long later in the day..if small wave lower.