As has been the case many times in the past few weeks, US equities open higher... but the gains are clearly shaky, with indexes quickly turning negative. On the bullish side, a powerful spike floor from sp'1812. On the bearish side, 1812 makes little sense as a key low, with weekly/monthly cycles suggestive of 1730 before end month.
Draghi has done his best to 'inspire' the EU/world capital markets.
Clearly, the gains still aren't sustaining, but neither is the market imploding.
Best guess... 1812 holds.. with a daily close >1900... tomorrow/next Monday. However, I will note, I have VERY LOW confidence in the near term outlook.
The bigger mid term looks clear though, with the sp'1600/1500s by late spring/early summer. Ironically, the real issue is how will the central banks respond to that kind of equity drop?
CHK -4%.. ahead of the oil/nat' gas reports
NFLX -5%, I guess a PE of >300 is just a little too high?
TWTR -2%... lousy..
time for some sun... or I'll get even more twitchy than this market.
... back for the Oil report at 10.30am.
10.30am.. Ohh right.. the Oil report is 11.00am.
sp +9pts @ 1868.... equity bears looking tired.. but until >1900... there remains threat... if decreasing.