Good morning. Futures are moderately higher, sp +3pts, we're set to open at 1764. Metals are higher, Gold +$4, whilst Oil is still very weak, -0.4%. This week will see heavy QE, and equity bears will struggle to knock the market more than 1.5% lower.
*look for factory orders data at 10am, that should help the market to pick a direction, especially to the downside.
I still expect broad upside to continue in the weeks and months ahead. Yet, considering the daily index charts (where price momentum is swinging back to the bears), I'd guess we will see a very slight fall to the 1730s later this week.
I do not expect sub 1700s for the remainder of this year.
Update from Mr Permabull
I certainly agree with him on Gold.
BBRY: suspended, -18%..on news that it is abandoning sale
NFLX and TSLA both..slightly higher.
TSLA has earnings at the close (I think), and that could turn out to be an AH bloodbath if TSLA do not inspire the momentum chasers to jump back aboard the electric car. I have to think ,with the break <160, the stock is headed for 110/100 in the near term.
Have a good week everyone!