Good morning. US equity futures are significantly higher, sp +21pts, we're set to open at 1873. USD is u/c in the DXY 96.00s. Metals continue to cool, Gold -$3. Oil is +0.7%, ahead of the latest EIA report.
So.. overnight futures have swung higher from initial moderate declines.
Today will be about whether opening gains can hold... and how the market will interpret whatever Yellen decides to say.
From a pure cyclical perspective, both the daily and weekly cycles are still suggestive of another push higher, before the market can break into the 1700s.
Frankly... the sp'1960/70s look probable... although I realise many will disagree, and are still holding short.
I'm trying to remain patient before launching a big short.
DIS -3.6% in the $88s.... despite good earnings. Market is still using ESPN as an excuse to sell this superb company. Renewed strength looks due... so anyone currently short is getting a bonus opportunity to exit.
GDX -1.2%... as the precious metals look set to cool/retrace into next week.
TSLA +2.5%... with earnings at the close of today.
Japan: another rough day, -2.3% @ 15713
Germany: currently +2.3% @ 9082... but the broader trend looks dire.. at least to 8K.
Have a good Wednesday