Good morning. Futures are a touch lower, sp -3pts, we're set to open at 1961. Metals are a touch weak, Gold -$2, whilst Oil is lower by a rather significant -1.2%. Today is likely the last of the QE fuel... bulls beware!
sp'daily5c - warning levels
*awaiting PMI service, and pending home sales data.
So... nothing exciting to start the week, but still, today is the very likely the last of the QE
As for chart 5c, it is merely a reminder (if only to myself) of likely valid warning levels. For me, it is all about the 1900 level. If that is closed back under, then a move to the 1600s becomes pretty straight forward.
Notable early strength: BABA +1.6%... still making a play to take out the opening high of $99.
Doom chat with Hunter and Hoffman
Personally, the 'dollar doom' talk is utter nonsense. The irony is that far from imploding, the USD is likely to see further strength, not least with further EU weakness.
Hoffman.. along with Schiff, and many of the other dollar doomers simply have a closed mind... never mind their bizarre obsession with one asset class... precious metals. It is all pretty lame really. Regardless, it can be useful to keep an eye on what the kooks are saying.
Good wishes for what will be a big week!
8.49am... Futures weakening... sp -8pts... 1956... so.. VIX will likely be up by 5-7% in the 17s.