The main indexes continue to see chop, and this is now hour'15 of a particularly tight trading range from sp'1831/43. Metals are a little higher, Gold $2, whilst Oil continues to see broader weakness, -0.3%. Mr Market is clearly in a holding pattern until the monthly jobs data.
*yes, the current hourly candle is the strongest down action we've seen since last Wednesday, but really..there is little reason to expect the market to break <1830..or >1849..until the jobs data is out.
Price action is highly indicative of a very strong market..there occasionally likes to tease the bears, with little 5/10pt drops..only to swiftly reverse. Today is just a continuation of that.
Notable mover: UAL, holding very powerful gains of 10%, and it remains surprising even to me how fast a stock will move when it breaks a key level.
The obvious question (as I noted yesterday)...if UAL breaks $50..that has some very serious implications for the broader market.
11.11am..well, so much for the 1831 floor. Marginal break..and the original fib target of 1818 is back on..surprisingly.
Regardless, this is just another minor wash out before the next up move.
11.25am... continued chop..and so far 1830 is holding, but things do look weak.
Coal miners, particularly weak...
In danger of the low teens again.