Good morning. Futures are a touch higher, sp +2pts, we're set to open at 2002. With another $1bn of QE this morning, equity bulls look to continue clawing higher. Metals are a little higher, Gold +$4.
So, we're set to open a little higher, and there is little reason why we won't break new highs on the sp' and Dow. Only issue is whether the Trans can follow.
*notable early weakness, SDRL -4%.. post earnings. The recent low of $35.34 must hold, or it's a major fail.
Naturally, I'm long SDRL, and this is not exactly a great start to the day. I'd be surprised if SDRL can manage a flat close. Worse case..it loses the $35s later today..there is no support then until around $32.. which is another 10% lower.
9.17am... still set to open a touch higher.. 2002.
I'm really not expecting today to be any different than the previous few days.
The only hope for the bears is Thursday GDP, which will probably be revised somewhat lower. Counter to that though, end month issues this Friday...and besides, monthly candles are now very bullish for September.