10am update - opening reversal

With the lousy GDP data, indexes open a little lower, but we're already seeing a pretty clear opening reversal. Indexes look set to battle higher across much of today, with the sp'1955/60 viable. From there... a further wave lower into Thursday seems very probable... 1940/35.


sp'60min

Summary

So...Q1 was a deep contraction for the US economy.. and that was when QE was still running at a rate of 900bn a year.

Subtrack the Fed money printing... and Q1 was -4.5% or so.

DIRE. Simple....dire
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Meanwhile...we have green indexes...and the $3bn of QE fuel hasn't even been distributed yet.

Bears....should have bailed at the open....a re-short (for the swift day traders) in the 1957/63 zone seems a viable level.

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*naturally, not only have WFM failed to hold the opening gains, but it has turned red.. and the US market recovers. Utter... fail.