Good morning. Futures are moderately higher, sp +11pts, we're set to start the week at 1966 - breaking the Friday high. Metals are weak, Gold -$3, whilst Oil is -0.4%. Equity bears face daily/weekly cycles that are both back to outright bullish.
*with the break above the Friday morning high of 1964, I've already updated the hourly chart. What is clear...bears now need 1941..some 1.2% lower, and that does not look likely today.
I was looking for a Monday decline to the 1930s - with VIX 15s, but that now looks out of range. I have little interest in chasing this market higher, and will be content to sit on the sidelines.
For me, the only decent short side trade would be from the sp'2030/50 zone... and that would likely not be until mid/late September.
Hunter with the infamous TF..aka Hemke
I should note, I've little more than mild contempt for TF. He is still locked in the same mindset from 2010. 'Dollar doom'.. and 'metals to the moon'. Ironically, having called a floor in Silver from $49 all the way down to the teens, he then took his site private. That takes some guile, I'll give him that much.
I'm not sure what I'd call him now. Perhaps 'still wrong' would suffice.
Anyway, Hemke is great example of someone who is stuck in a mindset of denial...utterly unable to consider other alternatives. So much for the 'alternative financial media'.
Good wishes for the week ahead.
8.53am.. reading around this morning... I still see everyone getting overly wrapped up in tiny moves.
What about the broader trend? Many were getting overly hystrical last Friday morning, and now we're facing the 1970s as soon as today.. a mere 1% from historic highs. Sp'2000s sure will help to 'cleanse' the blogosphere of another wave of doomers.