Friday, 30 May 2014

10am update - chop into the weekend

US indexes open a touch lower, but the underlying upward pressure is no doubt still there. A positive daily close would merely be a bonus to the equity bulls. Metals remain weak, Gold -$5, with the mining stocks again on the slide, GDX -0.1%



*Chicago PMI comes in at 65, which is the highest reading since mid 2011.

I'm not quite sure what I will posting today, I will probably try to stick to the bigger cycles, after all, it is months end.

We're set for the fourth consecutive monthly gain, and primary trend remains bullish. The monthly 10MA will be around 1825 in June, so..that would be 'core support'. Anyone think we have a chance at break <1825 next month....because I don't.

I see more talk about a Bradley turn date in mid July. I'd guess that is more likely a high than a low. Sp'1940/60 zone...perhaps...with VIX 10/9s.

I'll maybe post some speculative outlooks across the day.

notable movers: TWTR -2.8%, although that is after huge gains earlier this week.

CHK -1.5%,  FCX -1.5%...

10.28am...ohoh.. Fed official...on the loose....on clown TV...coming up...

market will react....

5/15min index cycles..look toppy..........first downside would be 1912/10 zone.

...good luck to the day-trading bears out there....