sp'daily5
sp'weekly8
Summary
*awaiting monthly jobs data...
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Price structure on the daily cycle is starting to look very toppy, but then, we're still breaking new highs almost every day.
The weekly 10MA is first key support in the low 1970s, and it'd be surprising if we end the week down there.
Primary target remains sp'2030/50 zone by opex/FOMC week.
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Notable early weakness: oil/gas drillers, RIG -0.9%, SDRL -1.8%..both now look lousy on the bigger weekly cycles. Weak oil/gas prices sure aren't helping.
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End week doom chatter from Hunter
The Ukrainian issue continues to simmer, but really, the notion of a war against Russia is crazy talk. All Putin has to do is threaten to turn off the Nat' Gas taps to the EU this winter, and the EU will concede to every demand.
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8.30am.. jobs: 142k net gains, with headline rate of 6.1%. vs 230k /6.1% expected.
Pretty lousy. but naturally... market is in a 'bad news is good news mood'. Indexes trying to turn positive.
8.42am.. sp +2pts... 1999/2000.... equity bears will be getting somewhat annoyed by the open.
9.00am.. .back to -5pts... 1992. Choppy...but then...with new highs every day...why the hell are so many people getting bearish?