11am update - market holding together

Despite the mild concern from even some bulls yesterday, at the yearly opening weakness, Mr Market looks comfortable in the sp'1830s. The only notable weakness is in Oil -1.1%, but hey, aren't lower energy prices bullish for the broader economy? Metals build gains, Gold +$12.


sp'60min

USO, daily

Summary

*I suppose you could count the current micro wave up as a B', of an ABC sub'4, but whatever....the broader trend looks higher for another week or two.
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Well, at least the first two trading days of the year have not been dull. There is plenty of price movement going on for those that look around a bit.
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*despite the market gains, Ford remains weak..as expected, and those low 14s look viable at some point in the near term.


11.22am.. B wave top @ sp'1838 ?  If so..then the 1815/10 zone is viable next Mon/Tuesday. Regardless...I'd still expect higher levels from there.

Coal miners very weak, BTU -3.7%.