Good morning. Futures are flat, we're set to open around sp'1689. Precious metals are sharply lower, with Gold -$29, and Silver -66 cents. Oil is holding gains of 0.7% Near term trend remains clearly upward, and bulls should be content with any close in the 1690s.
*weekly jobless claims: 292k, that is the first sub 300k number I can recall in a long time. Although now clown finance TV is reporting the labor dept' as saying the number is faulty due to reporting from a few states.
So..equities look set to open flat. I think there is a reasonable chance of a minor down cycle early this morning, but nothing more than 0.5%
All things considered, we should generally climb higher into the middle of next week.
The big unknown is how will the market react to any QE reduction.
Meanwhile...in permabull land
*I should note that if the price action looks stable, I will look to go long-indexes this morning. Coming from me, I realise that is ironic.
9.03am... Gold bugs really getting whacked, Gold -$34, Silver -95 cents.
9.48am.. I'm long the indexes from sp'1687. Seeking the sp'1700s within 2-3 days.