Good morning. US equities open a little lower, but with sig QE-pomo today, the equity bears face the usual problems. Precious metals are flat, although it is notable that Copper futures broke <$3 in overnight trading. VIX is higher, but only 4%, and remains in the lowly 14s.
*however you want to count the ramp from sp'1737, the broader trend remains higher, and unless we start putting in a few lower highs..lower lows...bears have nothing to get exctied about.
If there is one thing I find annoying, its when the US clocks change...but not those in the UK/EU. For 3 weeks, London city is a mere 4 hrs ahead of the US east coast.
As for the market... hourly MACD (blue bar histogram) is already negative cycle, and frankly, with the QE today, I can't see the bears managing anything today.
*notable moves so far...
Miners...ANR, BTU, FCX, all very weak - after the Friday massacre.
Notable strength: UAL, STX.
Video update from Mr F flag.
At 6min, the ES chart of 'no triple top', is in my view...critical for the bears to at least...consider.
10.12am.. Dow -80pts..despite this..there really isn't any downside power.
The only issue seems to be..when will the QE money kick in today?
*I'm watching DRYS, its holding above the 50 day MA, but really, I'm just not in the mood to hit buttons. Besides, the bigger trade - at least for me, is an FOMC index short next week.
10.35am.. first key support is sp'1865..so..that'd be Dow -140pts
Regardless..this is the same 'tease' bears have seen for over a month.