Good morning. Futures are flat, we're set to open at sp'2041, a mere 5pts shy of last Thursdays historic high. With the USD on the slide, -0.5%, the metals are sharply higher, Gold +$13, whilst Oil is only fractionally higher, +0.1%
*with the metals continuing to climb, the miners are being dragged higher, GDX +2.4% @ $19.85.. which is now fast approaching the old broken 2013 floor of $20. Gold bugs still need to see a few daily closes in the 20s before they can get excited about some kind of end run rally. I still don't see it.
So... market set to open flat. Not exactly inspiring...
However..the daily equity/VIX cycles are both swinging back toward the equity bears... so..today should in theory close moderately negative.
Next major issue are the FOMC minutes, but those are not due until Wed' 2pm.
Update from Mr C.
Good wishes for Tuesday
8.45am... Still catching up on things... PPI was +0.2%.. vs market expec' -0.1%.. so.. that is something for the bulls..and one reason why the markets might be jumping.
8.57am.. Despite the weak dollar, energy prices are weak, Nat'gas and Oil both turning lower by -0.7 and -0.3% respectively.
Equity bears could do with Oil lower... that would normally help... although its not made much difference lately!