Good morning. US equity futures are strongly higher, sp +48pts, we're set to open at 1915. The market is clearly attempting to put in a double floor of sp'1867. A net daily gain would set up a broad run back to sp'2000... perhaps 2050/70... before the next collapse wave.
Here we go again, with another opening powerful rally attempt. Will this one hold? I am guessing... YES.
We have a clear double floor on the sp'500.. with other indexes putting in marginally higher lows.
If we do close significantly net higher today.. it should solidify a short term floor.. and clarify we'll be battling upward into end month.
As it is... we'll probably see continued (if lessening) intraday swings... on the way up.
For me, the only issue is whether a bounce gets stuck around sp'2000, or if we'll somehow get to the 2050/70 zone - back testing the old broken 200dma.
AAPL +2.7% in the $106s
NFLX +4.7% @ $106s
SDRL +11%.... perhaps catching some interest after SLB is buying Cameron (CAM)
Update from Oscar
Ironically, I think Oscar is now overly bearish... at least in the short term.
Doomer chat, Hunter with Sinclair
I continue to think Sinclair - with the other 'gold promoters' remain in complete denial. They have been calling for upside for four solid years. Now they think Gold has floored at $1071. Err.. no. Gold looks headed for $1000, if not the $900/875 zone... as USD still looks on track for breaking above DXY 100 in the coming months.
Overnight Asia markets
Japan: The Nikkei battled hard across the day settling +3.2% @ 18376
China: The Shanghai comp' opened positive, tried to clear 3000, FAILED, fell into the lunch break. After another upside swing, settling -1.3% @ 2927.
*lets not forget, we have Durable Goods orders (8.30am)... and Fed official Dudley is speaking this morning. Mr Market will be listening!
Have a good Wednesday
8.30am.. Durable Goods: +2.0% ex-trains, +0.6%. both much better than expected.
sp +45pts 1912
8.35am. sp +50pts... thats 1917.
First key target is the Monday high of 1948.. but hell.. even I don't think that is possible today!
8.46am.. sp +54pts... 1921.......
Anyone think yesterday's high could be broken above on a hyper short-stop cascade?
8.56am.. clown comment of the week.. perhaps year...
Cramer '...the market doesn't work right anymore'.
Yeah... sure it doesn't.. having actually fallen below key support last week.
Hell, maybe its time for another Tim Cook letter?
9.02am... notable weakness, Gold -$12... and that is dragging the miners lower, GDX -1.4%
Where is your Gold @ $50000 Mr Sinclair ?
9.26am.. A daily close in the 1930s looks to be more realistic case... but hey... its 'wild west' trading conditions.
notable weakness, bonds, TLT -1.1% in the 122s.. a long way below the recent 128 high.
9.35am.. If I can drop AAPL-long in the 110/111s... I'll take it today. Currently.. 108s
9.43am.. Wild west trading.... black-fail candles appearing... but still... lets see where we are at 10am...
VIX -9%... sub 30 would be a bullish equity sign this morning