Good morning. Futures are higher, sp +8pts, we're set to open around 1877. Precious metals are weak, Gold -$6, Silver -1.3%. Equity bulls should be pushing to break last weeks high of 1884, late today/tomorrow. A weekly close in the 1885/95 zone looks... likely.
The recent high of 1884 is indeed the next objective for the bull maniacs.
Any daily close >1884, and it'll be a near certainty that we'll be trading in the low 1900s within the very near term.
From there, the only issue is where do we get stuck..somewhere in the 1925/50 zone.
*I am holding HEAVY long, and I will be seeking to lighten up late today/tomorrow, ahead of the FOMC, although there is no doubt that QE-taper'4 will be announced. However, the market might use it as an excuse to briefly sell lower (if only 0.5/1.0%, for a few hours).
Regardless, I'm seeking to remain on the long side for at least another few weeks.
9.14am.. well, it won't take much of a kick to get into the low 1880s this morning. Considering the hourly cycles, very reasonable chance to break the recent 1884 high, and that will really clarify things.
Notable early weakness: DRYS, -2.4% in the $2.80s. The low 2s look a given by late summer. I just wonder whether the company will go under, or can survive into the next commodity ramp of 2015/16.