Good morning. Futures are flat, we're set to open at sp'1763.Metals are especially weak, with Gold -$15. Oil is a touch a lower. Equity bears look set for continued market weakness, near term downside looks to be the low 1730s by early next week.
Sp'1775 certainly looks to be a near term high, but with continuing QE, I can't consider it a key multi-week/month cyclical top.
Given just 2-4 more days, we'll surely level out, whether the 1740s, 30s..or even a little lower. It really doesn't matter. I think its a bold call, but I don't see sub 1700s viable in the remainder of this year.
Crisis without end
Interesting story from Bloomberg. It would seem the 'crisis cash' mountain between all the central banks will be kept intact. I guess this is a good thing for the stability of the financial system, but still, it doesn't exactly inspire me with confidence that even the printing maniacs still seem twitchy about things.
Mr Permabull...short term bearish.
Have a good day everyone!
9.12am.. notable mover is of course.. FB, -4% in the low $47s..which is now a full $10 below the highs of yesterday AH.
It would seem everyone is agreed FB is headed to 46/44 zone, before it finds support. It could certainly hit that zone today, and then reverse.
*equity bears will no doubt be disappointed with the indexes - after overnight weakness, but still, I don't think 1775 will be broken now, for some days, maybe even a week or two.
9.47am.. Chicago PMI: 65.. .Huh? vs. 55 expected. Santellli notes on clown finance TV, that number looks....bizarre. Someone type the press release wrong?