Good morning. Futures are moderately higher, sp +8pts, we're set to open at 2076. USD continues to strengthen, +0.8% in the DXY 97.00s. Metals are naturally lower, Gold -$4. Oil remains exceptionally weak, -1.1% in the $52s.
So, we're set to open back at the Friday closing level.
All things considered, the market should see increasing weakness after the usual turn time of 11am. I would expect a net daily close in the 2050/40s.
Overnight China action: a new cycle low of 3585, but settling -1.3% @ 3727. Clearly the Chinese leadership will be getting real frustrated as the selling continues.
My 'crazy' target of the 3400s - that was I touting when 5K was hit... we're almost there. If 3400s fail to hold... there really isn't anything until around 2500.
Update from a particularly loud Oscar
Have a good Tuesday
8.28am.. Notable weakness: semi-conductors, AMD -16%... lousy earnings.. and that is impacting INTC, -0.8% @ $29.80... on track for the low 29s... before first opportunity of a $2-3 bounce into August.
8.58am.. Another great start to the day for those long China...
YINN (3x long China) -13% in the $32s.
9.37am.. Major fail for the bulls... opening reversal... indexes already red... VIX +3% in the 17.50s.
9.42am Train wreck open for the bulls..
notable weakness, INTC -1.5% in the $29.60s... almost there.
9.47am... sp -5pts.. 2063.... first target remains the Sunday night futures low.. equiv' to 2044.