Equities open with some minor chop, and considering the hourly/daily cycles, we should hold above the sp'1772 low. Metals are bouncing, Gold +$7, but as ever...the primary trend is down. With heavy QE next week, the equity bears window of opportunity is coming to a close.
I've no doubt some out there will be calling for major doom next week.
Don't you think Mr Market would like to close higher at the next FOMC?
Notable strength: F, TWTR, and UAL
Key issue: bulls should merely seek a break above the hourly 10MA..1782. Once that is achieved..the 1790s become a given..whether late today..or next week.
*arguably...bears are getting yet another bonus opportunity to exit in the 1770s, but I've no doubt..many will hold out..and likely get nailed to the wall.
10.27am... sp'1772..on the edge.
For those still seeking the 1760/40s...now is your last chance to break lower...
and I don't think you can do it!
VIX is flat....market is not concerned.
Bears...you're getting another chance to exit..at the cycle low.
10.31am...double floor on the sp'500 ?
Looks like a floor to me..now..lets see what the bull maniacs can manage today..they need >1782
10.41am..Bulls look secure at 1772....we're headed up...
TWTR +3.5%.. FB +1%...momo stocks still sucking in the hot money today.