Good morning. Futures have cooled off a little from their peak overnight gains. The sp is +4pts, and set to open around 1559/60. Precious metals are significantly higher, Oil is +0.5%, with the USD a touch higher. Higher levels in the sp'1570s seem more likely tomorrow.
Well, here we go again, another week.
Certainly, we're not opening lower, so those bears holding short across the weekend are going to be starting the week in a bad mood.
Its always difficult to delineate the small index waves, but I'm generally seeking an ABC 'wave 2 bounce'. Maybe we'll get the B wave down, later in the day?
re: the metals. Opening gains have frequently failed to hold in recent days, so don't be surprised if Gold/Silver close red. There appears to be a small chance of an all out collapse wave, lead by none other than Dr. Copper. More on that later tonight, maybe.
*I remain on the sidelines, seeking a full re-short, when the sp'1570s, with VIX 14/13s.
UPDATE 9.04am..indexes still cooling down, and we might even open a touch red.
Oil and the precious metals still holding gains though.