Good morning. US equity futures are a touch higher, sp +2pts, we're set to open at 2111. USD continues to claw higher, +0.2% in the DXY 97.30s. Metals are broadly flat, whilst Oil is +0.5% in the $48s... ahead of the latest EIA report.
*awaiting ADP jobs data.
Short term trend remains bullish of course, but cyclically, we're now well into overbought territory. With the monthly jobs this Friday, Mr Market is going to have a perfect excuse to break lower... and begin the retrace I've been touting for some time.
It should be clear to many though... the underlying upside power is rather extreme, and any retrace is not going to go much below 2020.
notable early movers...
TSLA +8% @ $225. which considering the earnings, 58 cent loss... is ludicrous. The stock should be trading <$200.
Update from Oscar
Doomer chat, Hunter with Holter
As ever... make of that, what you will.
Overnight Asia action
Japan: +1.3% @ 18926
China: a very powerful net daily gain of 4.3% @ 3459
*I do appreciate all comments... and especially emails! Always good to hear from some of you out there.
Have a good Wednesday
8.18am.. ADP jobs , 182k, not super bullish, but neither bearish. I guess some would even dare suggest 'Goldilocks'.
sp +3pts... 2112.
early strength: DIS +0.8% @ $116.50.... earnings tomorrow.