sp'60min
Summary
*opening reversal.....hmm
--
The Monday low of sp'1834 is now around 50pts lower, and equity bears look as weak as they ever have.
-
Clearly 175k net job gains is the new 'superb' level in this economy, even though it takes 150/175k jobs just to negate the demographic change each month.
Effectively...we're flatlining in jobs...and GDP is flat/ moderately recessionary, if you strip away the QE.
--
DRYS, I'm watching...
opens with a bearish engulfing candle on the hourly...
The $3.80s would be...an interesting level later this morning.
-
First support for the indexes...1870 or so...that is not even 0.5% lower.
-
10.09am.. Well, a weekly close in the 1870s will make for another week for the bulls, and sets up the 1900s...next week..or FOMC week.
The only hope the bears have is a sporadic news story from Russia/Ukraine, but the Crimea vote is not until March'16.
10.25am... Coal miners getting smashed... ANR, BTU.... -8%....I've no idea why, but then..the general trend has been dire for a few years now.