Good morning. Futures are showing very strong gains again of sp+10, so we could open around 1325 - which is a mere 25pts shy of my wave'2 target zone of sp'1350/60.
*weekly jobless claims: 377k vs 379k expected
I believe I'm right in saying that these wave'2s can be fierce in their bounces, and we're sure seeing that. Doubtless we'll start seeing talk of sp>1422 over the next few days. I've certainly seen a few analysts appear on the clown TV networks touting 1500/1650 again. Talk about contrarian indicators!
As for Fed Chairman Ben Bernanke (he speaks at 10am), I'm sure he'll just utter the same usual nonsense. He may though more openly admit that there is weakness in the wider world economy, but with the usual 'Fed will do what is necessary' mantra, and thus Mr Market may rally even further on his remarks by the close of today.
As for me, I'm sitting this out, I don't like any of this latest lunacy. I'll feel comfortable shorting this nonsense when we reach my target zone.
More across the day.