Good morning. Futures are a touch higher, sp +1pt, we're set to start the month at sp'2105. Metals are bouncing, Gold +$8. Energy prices remain broadly weak, Nat gas -0.2%, with Oil -0.5%.
First, welcome to March. It is a marginally scary thought that we're already one sixth of the way through 2015.
So, we're set to open a little higher, but based on last the price action of last Thurs/Friday, the sp'2119 high should hold for the next week or two.
Primary downside target remains sp'2065.... where there are multiple aspects of support.
Notable early weakness, SDRL, -2.0% in the low $11s, looks set for 7/5 by the summer, not least if Oil breaks <$43.
Update from Mr C.
Update from RDL, who has an interesting longer term outlook
Good wishes for the week ahead!
8.42am... HPQ are buying Aruba Networks (ARUN) for around $27 a share... the stock was in the $15s in early Feb.
9.39am... Indexes a touch higher.... but so is the VIX.
As ever.. the sp'2100 threshold remains key.... I'll be surprised if that doesn't break today.