With Fed official Plosser making an appearance on clown finance TV, the market has an excuse to sell lower..if only a little. Precious metals are especially weak, with Gold -$10, and Silver -1.0%.
Well..lets see if Mr Market wants to shake out a few of the weaker bulls...first downside zone is 1912/10 or so..with a much clearer gap zone of 1902/00. I sure don't expect the latter today though.
From a purely cyclical perspective, we are due a down cycle today, but as ever...underlying pressure remains UP.
Hence.. I ain't getting involved, never mind the bullish weekly cycles.
time for an early lunch.
11.16am.. So much for a micro down cycle..... new high on the sp'500.
Market appears in algo-bot melt mode...and that could easily last another 2-3 days.