sp'daily5
Summary
With the break above the 50dma (1967), there is open air to the giant 2000 threshold.. where the upper bollinger is lurking.
-
Notable early weakness, FB, -7.4% in the $74s, post earnings. Vulnerable to a move to the 200dma in the 70/68 zone.
-
Update from Mr C.
I would certainly agree with Oscar on the importance of recognising the new high in the Transports. Although the same situation occurred in summer 2011, and that didn't work out so well for the broader market 3-4 weeks later.
The little rant on Mr Spencer... I also have to agree with.
--
Special note on the metals
The broader trend remains bearish of course, since the spring 2011 break. I'm seeing increasing chatter about another major collapse wave to the giant $1000 for Gold... before year end. That certainly seems possible.
Once Gold is testing the $1000 level... the miners will finally start to become an interesting consideration.
Good wishes for Wednesday trading
-
9.06am.. futures turning a touch higher, sp +1pt... 1986... Metals weakening, Gold -$6.
9.25am.. Watching the Cramer on clown finance TV... incredible to see he hasn't hidden in a hole since 2 weeks ago. Not surprisingly, he was utterly bearish at sp'1820.. but now is hyper bullish.
With weak metals, miners are following, ETF of GDX -1.1% @ $20.30.... a daily close in the teens... seemingly likely.
9.35am... The power company is here... .and I'm about to have the plugged pulled... as they switch out a meter.
back... in 'some time'.