US equity indexes break a new cycle high of sp'1996. Early price action is moderately twitchy, but equity bears still look powerless, as underlying price momentum continues to swing toward the bulls. For now, there is little reason to expect any hope of sustained downside until after the FOMC of March 16th.
*the action in the precious metals and related mining stocks is pretty dynamic.. having seen a couple of fierce swings in pre-market.
Cyclically, the metals/miners are absolutely over-extended, and I have no tolerance for getting involved (long side) with that kind of cyclical setup.
As for equities, we're set for a third consecutive week of gains, and the sp'2020/40 zone is clearly within range next week. The next threat to the bulls will be Draghi at next Thursday's ECB.
To be clear.... I do not expect any price action <sp'1970 until after the FOMC.
notable strength... SDRL, daily
Again, the junk/trash/crap, are seeing sig' gains. After all, the floor is in for 2016, right?
Everything is fine now, yes?
time to shop....... back soon