Good morning. US equity futures are moderately lower, sp -5pts, we're set to open at 2079. USD is a little weak, -0.3% in the DXY 94.00s. Metals are strongly higher, Gold +$11, with Silver +2.4%. Oil is +0.3% in the $44s.. ahead of the EIA report.
From a pure cyclical perspective, we're clearly due a down wave that should (in theory) span across today, and continue into tomorrow.
Now its a case of whether we can break the Friday low of 2039... or put in a higher low.
Considering yesterday afternoon's break of trend (>2080)... falling back into the 2030s will be damn tough. We shall see
DIS -5% in the $101s, after a slight EPS/rev miss. Broadly, the numbers are still good, but Mr Market is very intolerant of even fractional misses.
GDX +2.5%.. as the precious metals continue to climb.. the weaker USD is surely helping this morning.
M (Macys) -8%, cuts earnings guidance
Brief update from Mr C.
Doomer chat.. Hunter with Ms. Fitts.
Japan: cooling from early gains, +0.1% @ 16579
China: minor chop, +0.2% @ 2837
Germany: increasingly weak, currently -0.8% @ 9962.... as the equity bulls lose the 10K threshold once more.
Have a good Wednesday