Good morning. Futures are a touch lower, sp -1pt, we're set to open at 2102. USD is starting the month on a positive note, +0.2% in the DXY 97.50s. Metals are weak, Gold -$3, with Silver -0.2%. Oil remains broadly weak, -0.9%.
Welcome to August.. the next 8-10 weeks should see the market experience the loss of sp'2000. which in theory.. should result in a further spiral lower.
Equity bears should be seeking a daily close under the sp'2100 threshold.. but there will be particular clarity if <2090... and VIX 14s.
To be clear.. I do NOT expect new highs in the remainder of this year. This market looks damn tired.. and we're sure as hell due a significant correction.
notable early movers..
GDX -1.1%.. as metal prices remain weak
DIS +0.4%... with earnings at the Tue' close.
Monday morning Greek masssacre.
With the Greek market finally opening for the first time since June 26th, the Athex hit an early decline of -23%.... currently -17% or so. Outlook is for the 400s, and that doesn't even assume a GREXIT.
China. Despite the Govt' buying and threats against anyone who might dare sell, the Shanghai comp' continues to slide, settling -1.1% @ 3622. The key low of 3373 is easily within range.. and sustained action under 3K looks increasingly likely.
Doomer chat, Hunter with Martenson
*awaiting a lot of econ-data this morning....
Have a good Monday.... and indeed.. August :)
9.33am.. Indexes a touch higher... VIX +6%... first chance of sig' upside tomorrow.. but more so.. Wednesday.