US equities open a little weak.. and 'little' remains the key word. Despite underlying price momentum continuing to swing back toward the bears... at the current rate, it will not be until Thursday, or even Friday for the first opportunity of a sig' down wave. Metals are notably weak, Gold -$9, with Silver -0.9%.
*Gold bugs have a real problem.... broader price structure is arguably a giant bear flag.. and suggestive of new multi-year lows (<$1071) before year end.
If correct.. that will result in another down wave for the related mining stocks.
So.. opening equity weakness.. but clearly, its largely still chop, as there are buyers on ALL weakness.
I realise many will be dismissive of a down wave to the 2020/10s by Nov' opex.. but really... its not that bold.
Having spent almost $6bn on KING, the outlook on ATVI is not too pretty. I'd much prefer EA.... but then. I like Battlefield 4 ;)
10.02am.. Factory Orders... -1.0%... broadly inline... not great for the econ-bulls, but neither end of the world.