US equity futures are moderately higher, sp +8pts, we're set to open at 2102. USD is back on the slide, -0.2% in the DXY 94.20s. Metals are naturally higher, Gold +$13, with Silver +3.7%. Oil is +0.7% in the $41s.
The current rate of incline is pretty damn steep.
Even a retrace to the 2060s is going to take a 2% swing to the downside. The 2050s look out of range for rest of the week.
Equity bears need to see a break back under the 2033 low - by end month, to have any grain of hope that the markets are not in the process of a huge bullish breakout.
Right now... price action offers absolutely nothing to the equity bears, and if the market can cope with the next FOMC and a flat lined Q1 GDP. number, then it really is all over for the bears.. for rest of this year... and probably far beyond.
NFLX: -8% @ $99.... post earnings upset
IBM -3.8% @ $146... lousy earnings
GDX +2.2%.. as the metals see renewed strength
Update from Carboni
With further equity upside, Oscar is back into the 'economy is fine.. EVERYTHING is just fine again' mindset. Its actually quite sickening, as the reality is far different.
It is indeed bizarre how most people equate equity upside to actual economic strength, but then, its a media/central bank message that most have long since come to accept.
Have a good Tuesday.... if you can.