Good morning. Futures are moderately higher, sp +6pts, we're set to open around 1864 - a mere 19pts (1.1%) shy of a new high. Precious metals are lower, Gold -$7, Silver -1.1%. Equity bulls look set to remain in control until at least the FOMC of Wednesday afternoon.
*awaiting econ-data: CPI, housing
So...we're set to open higher in the mid 1860s, and it remains disturbing that we'll be barely 1% from breaking a new high.
What have all the doomers who were touting 'big gap down on Monday' to say about that?
Video update from Oscar
As for Oscar's 2014 projection (see video, I ain't spoiling it!), I could agree with it, but if we see a multi-month roll over this spring/summer, it'll be tough to hit Oscar's target before end year. Of course, if Yellen goes nuclear with QE (>$100bn a month), then the sky is the limit.
re: Oscar's target
Kinda interesting that a natural Fib' extrap... gives that zone, although I was thinking it would be far more likely in late 2015, than this year.
As ever..updates across the day.
8.32am CPI +0.1%..although of course, some will dismiss such Govt data.
Metals are sliding, Gold -$13, sp' holding gains +6pts @ 1864.