Good morning. Futures are higher, sp +8pts, we're set to open at 1782. Metals are sharply lower, Gold -$25 (delayed reaction to taper?), with Silver -3.0%. Equity bulls have a very tough task, just to break back into the low 1800s.
*Q4 GDP came in 3.2%. slightly above expectations, whilst jobs data was not so good @ 347k. As ever.. all such data is to be treated 'carefully'
So...here we go again....
Near term threat of a move to the 1810/15 zone - although that will doubtless take at least a few days, but we should still see a broader down trend..at least to test the 1767/65 zone.
Considering the price action of last Friday, I'm still highly inclined to think the market has put in a key multi-month high already.
Notable strength: FB, +18% @ $63..on what were good earnings.
TWTR +7%..no doubt a 'sympathy gain'...to FB.
9.05am.. sp +14pts...we're set to open 1788. However, there is strong resistance around 1795..and it'll be tough to break that today.
However, bulls have $5bn of QE tomorrow..so..if market can close in the low 1790s..the 1800s ARE viable tomorrow...with a test of 1810/15 early next week.
Metals sure are weak. Gold was -$31 just earlier, with Silver -3.5%. Certainly, it seems a delayed taper reaction.
9.38am ...here come the 1790s...but we've been stuck <1795 for days.
FB +14%..cooling down a little. VIX set for the 15s.