Good morning. Futures are a little higher, sp +3pts, we're set to open at 1912. Precious metals remain weak, Gold -$5. A minor retrace remains viable, back to the 1902/00 zone, before the 1920s next week.
*awaiting second reading for Q1 GDP
There is reasonable chance of a minor retrace today, but then, the broader trend still remains to the upside. A minor fall to 1902/00 - where there is a rather obvious gap, would be a viable area to go long.
There is sig' QE-pomo today..so even if the market is moderately lower by late morning..the bears will likely face a latter day recovery.
Video update from Mr Carboni
Like him or not....he has been especially right on Gold.
Notable early strength: TWTR, +2.7%
8.31am.. GDP revised from +0.1%... to -1.0%.... real ugly number, but market doesn't much care. After all, rest of the year is going to be rainbows and unicorns..yes?
9.00am.. So..once again, all that doomer chat about 'ohh, lets short, because GDP will be bad' amounts to nothing.. with sp +4pts.
Ohh, sure we could still fall as the day proceeds, but the QE will negate most, if not all of what little downside pressure there is.
9.32am .. I think we're headed a little lower...
seeking an opening black candle on the hourly index charts...
I won't short..but sp'1900 might make for a valid buying level.