US indexes open moderately higher, although the price action looks a little...shaky. Most notable..the Transports, breaks a new historic high. Metals are sharply lower on the 'better than expected' jobs data, Gold -$17, Silver -3.0%. VIX breaks lower to 13.50s
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.