Good morning. US equity futures are moderately higher, sp +9pts, we're set to open at 1960. USD is +0.1% in the DXY 97.40s. Metals are bouncing, Gold +$3. WTIC Oil is +1.0% in the $33s.
Having broken and importantly.. closed, above the 50dma, this morning's gains will be less shaky than yesterday morning.
Indeed, the daily cycle is offering a Friday close in the 1970s today.. which is pretty bizarre, considering we were 1891 just two days ago.
So.. 2K is a given, right? The only issue now is whether a hit of the 200dma in the 2020s, or even a gap fill in the 2038/43 zone.
In either case... the aspect of time will be equally important. Given another 2-3 weeks.. that should be enough to conclude the up cycle.
Update from a money burning Oscar
Market chatter from Schiff
Japan: rather subdued, +0.3% @ 16188
China: a relatively minor rebound, +0.9% @ 2767
Germany: currently +1.4% @ 9462
Have a good Friday
8.31am GDP (rev'1) 1.0%... upgraded from 0.7%.. and above market exp' of 0.4%.
So.. that is a positive for those macro-bulls who believe the US will avoid recession.
sp +12pts... `1963
sp +13pts @ 1964
notable weakness... TVIX -4% in the $7.90s... that is $3 lower than Wed' morning.
Gold has swung... now -$3... and the miners are following.
Miners/Gold look highly vulnerable into mid March.