Thursday, 28 January 2016

10am update - Oil is really helping

US equities are seeing renewed strength, battling again for a daily close above the sp'1900 threshold. Price structure is a multi-day bull flag, highly suggestive of the 1970s within 2-3 weeks. Oil is clearly helping spike market mood, +5.8% in the $33s. Metals are losing their fear bid, Gold -$11, with Silver -1.9%.




*for now, I'd dismiss the opening black-fail candle in Oil, although clearly, mid term, the gains are unsustainable. Supply cuts need to be severe, and those look some months away.

The post FOMC bearish hysteria is quickly fading away.

With price structure as it is, a weekly close >1920 looks probable, although that won't be easy, as the market has to cope with a reminder tomorrow morning that growth is slowing.. if not an actual economic contraction.

notable strength, FB

Breaking above resistance, but then earnings were actually very good.

*I wonder how many retail amateurs were trying to short that one for earnings... on margin. No doubt, some are covering for their lives right now.

time for some sun...