Tuesday, 29 December 2015

1pm update - battling to clear the FOMC high

US equities are holding borderline significant gains, with the sp +17pts @ 2074. A break above the FOMC high of 2076 looks highly probable... whether by today's close or Wed/Thursday. The bigger issue remains on any break to new historic highs (in the headline indexes).. will the market be able to hold such gains?




*as things are, we're still net lower on the month, but by the Thursday close, we'll likely be at least a few points above the Nov' close of 2080... and a clear 30pts above the key 10MA.

That would make for the third consecutive close above the 10MA... although other world markets continue to look ugly... even the German DAX.

notable weakness...

TWTR -0.4%... now one of the most unwanted stocks. How long until Dorsey quits being p/t CEO at that train wreck?

strength: QCOM +3.1% in the $51s..  as some are no doubt looking ahead to next earnings season.. a mere 10 trading days away!

stay tuned