sp'60min
sp'daily5
Summary
For those watching, I think we're seeing some VERY distinct 'little earthquakes' in market land. We've seen Copper break a few weeks ago. The precious metals are now smashed, and Oil is following.
I expect equities to follow, yet..as ever, with the QE-POMO, declines are to be treated with HIGH caution..at least until we're <1538
Best guess for this morning...we level out around sp'1575, with VIX in the mid 13s. Then its merely a case of seeing how high the usual 'latter day recovery' takes us.
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*I am short Oil - from last Friday afternoon, USO, and will seek an exit at the open.
Near term outlook is mixed, and I'll sure take profits when I have them.
USO, daily2
USO, weekly3
Mid-term objective on USO is 28/27 by June...which would imply Oil in the 80/75 zone..at least.
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updates across the day.. and week.
Good wishes for the trading week ahead
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UPDATE 9.19am...Empire state data came in pretty bad, still not quite recessionary, but it sure ain't bullish for the tail end of Q1.
SP' looks set to open -8pts or so..and maybe that'll increase to 13/15pt by 11am. Considering the 15/60min cycles are already low, its hard to believe we'll close down more than 1% today.
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Regardless, I look to exit USO (short) at the open, and then sit back....for most of the day.
9.35am... EXITED USO short. Now..lets see how we trade into the afternoon.
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