Friday 30 May 2014

10am update - chop into the weekend

US indexes open a touch lower, but the underlying upward pressure is no doubt still there. A positive daily close would merely be a bonus to the equity bulls. Metals remain weak, Gold -$5, with the mining stocks again on the slide, GDX -0.1%


sp'monthly


Summary

*Chicago PMI comes in at 65, which is the highest reading since mid 2011.
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I'm not quite sure what I will posting today, I will probably try to stick to the bigger cycles, after all, it is months end.
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We're set for the fourth consecutive monthly gain, and primary trend remains bullish. The monthly 10MA will be around 1825 in June, so..that would be 'core support'. Anyone think we have a chance at break <1825 next month....because I don't.

I see more talk about a Bradley turn date in mid July. I'd guess that is more likely a high than a low. Sp'1940/60 zone...perhaps...with VIX 10/9s.

I'll maybe post some speculative outlooks across the day.
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notable movers: TWTR -2.8%, although that is after huge gains earlier this week.

CHK -1.5%,  FCX -1.5%...


10.28am...ohoh.. Fed official...on the loose....on clown TV...coming up...

market will react....

5/15min index cycles..look toppy..........first downside would be 1912/10 zone.

...good luck to the day-trading bears out there....