sp'daily5b
Summary
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%.
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Update from a (not surprisingly bullish) Oscar
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Good wishes for the week ahead
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Notable weakness, Natural gas, -1.4%, having lost the key $3.70 level, next support 3.30/20.
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9.03am.. indexes remain somewhat weak....
Notable weakness, IBM -8%... not pretty.
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*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...