Good morning. Futures are moderately higher, sp +8pts , we're set to open around 1873 - a mere 10pts shy of a new historic high. Metals are a touch higher, Gold +$2, Silver +0.3. Equity bears face the problem of sig' QE-pomo today.
*awaiting Durable Goods orders
The line in the sand for the bears remains 1883. Any push into the 1884s..or higher, and we'll just keep on going,
Frankly..its not looking good for those on the short side right now. With sig' QE today, and an even bigger amount tomorrow...just how the hell are we going to break into the 1840s..never mind sub'1800 ?
Its just the same old problems...
The only thing the bears have in their favour, the hourly cycles will probably be fully maxed out today...but any break >1883 negates any of that.
I do like Hunter, he has had some good guests over the last few months. As for this interview, Morgan and his 'dollar doom', is the same nonsense we've been hearing for the past decade from the hyperinflationists. As I even noted last night, until we see USD <70, the 'dollar doomers' should stay mute.
Whether long, short..or on the sidelines..............have a good day.
9.33am.. well, here go again....sp'1873....
Bulls just need a daily close >1875...which was last seen Mar'10.
VIX in the 13.50s.....bizarre.
9.37am... Black-fail candles for equities...and a reversal candle for the VIX.
Regardless, I can not take seriously any reversal, unless we get a daily close <1850, and that sure looks difficult today...not least since a QE truck is set to deliver at 10am this morning. Urghhhhhhh