Good morning. Futures are mixed, sp'500 is set to open u/c @ 1886, whilst the Dow -75pts, with the R2K --0.4%. Metals are higher, Gold +$9, whilst Oil is a little weak, -0.2%. Equity bears need to hold under sp'1900 to offer a sub'5th wave, before a larger bounce.
Futures have swung from overnight gains of around 0.6% or so, and we're moderately negative on most indexes. In the scheme of things, its not a huge move, but for the bears.. it makes things a lot more 'comfortable' to start the week.
I'm still open to the notion of another minor wave lower, a sub 5, E, or whatever you want to call it, taking out the recent low of sp'1820.
On no basis though do I expect sustained trading <1800 for at least another 2-3 weeks.
Best guess.... 1815/00 zone... before 1920/50... and then a 'crashy' wave of 10/15%.
Update from a (not surprisingly bullish) Oscar
Good wishes for the week ahead
Notable weakness, Natural gas, -1.4%, having lost the key $3.70 level, next support 3.30/20.
9.03am.. indexes remain somewhat weak....
Notable weakness, IBM -8%... not pretty.
*AAPL earnings due at the close of today.. so.. its a tech heavy day.
9.42am.. opening chop....sp'1900 looks out of range for the bulls today.
Awaiting renewed weakness...