Good morning. Futures are significantly higher, sp +18pts, we're set to open around 1706 - a mere 3pts from the 1709 high of Aug'2nd. Precious metals are significantly lower, Gold -$13, Oil is similarly lower, -1.5%. USD is -0.45%.
So, the overnight 'summers not joining the Fed' gains are holding.
There is naturally some talk of 'ohh, it'll reverse lower at the open', but I'm guessing no. The weekly charts are outright bullish, and the first target is the sp'1715/25 zone, as also offered on the monthly charts.
Considering the equity gains, VIX has a fair chance of opening in the12s.
*I will look to exit index-longs at the open, and most certainly..am not intending to launch any index-shorts today.
Mr Permabull remains....bullish
Have a good day everyone.
9.25am.. metals have recovered half the declines, but still...I'd be surprised if they closed positive today.
Indexes look set to open on track..and build gains for the first hour or two.
9.35am... VIX opens a touch higher...not even the 13s. Hmmm
EXITED index-long at sp'1703
9.43am.. a touch of weakness out there...not least supported by the VIX, now +1%.
Regardless, extreme risk in shorting this opening gap...and i will not be shorting this market any time today.