Friday, 30 January 2015

10am update - spike floor

Equities opened moderately lower, but price momentum is building to the upside.. with a rather clear hyper-spike floor hourly candle. A break >sp'2025 will open up 2045/50 zone... which would be on crazy way to end the month. Metals look vulnerable, Gold +$3




*opening black-fail candle on the VIX.... bodes in favour of the equity bulls

So.... the opening declines are much less than expected... and now its a case of whether the bulls can break declining trend... and battle into the 2030/40s by the close.

Considering the market mood.... a move to sp'1970s now looks... unlikely.

re: econ-data

GDP was clearly a miss at 2.6%.. but the Chicago PMI of 59.4 is pretty damn good, and well above the recessionary threshold of 50.0.

Notable gains, V +5.9%.... accounting for roughly 100pts on the Dow (yeah... such a balanced index).

10am.. Consumer sent' 98.1.... powerfully bullish... no doubt, largely due to lower gasoline prices.

Equities want to turn net positive today.... eyes on a break >sp'2025.