US equities are holding moderate gains, with the sp' having clawed from a post announcement sell off of sp'2026.. to 2051. A weekly close above the 10MA of 2053 would be 'useful' to the bull maniacs, and offer the sp'2110/30 zone by mid February.
*Metals sure were choppy this morning, Gold -$10 in early pre-market. There is obvious resistance soon to hit.... of the July high, some $40 higher.
So... an interesting day so far... and a key marker point for the ECB.
With QE-pomo for the EU markets to begin in March... and run until Sept 2016 (just reflect on that for a moment)... there is little for the bears to look forward to across the broader term.
To be clear, I am absolutely open to an inter'4 wave... but then.. that was sought in 2012, 13, and even last year.
With sig' QE from the BoJ and ECB, it is going to be damn hard to see any kind of multi-week drop of more than 4-6%.
VIX update from Mr T.
time for lunch.... back at 2pm