Good morning. Futures are somewhat lower (ahead of GDP data), sp -13pts, we're set to open at 2008. Metals are seeing a minor bounce, Gold +$5. Energy is mixed, Nat' gas -2.4%, whilst Oil is +0.8%.
*awaiting key GDP data
The last trading day of the year.... whether we close above sp'2000 is very important... it will determine whether we get a closing monthly MACD bearish cross.. something not seen in a full THREE years.
more on that later though...
Notable gains, AMZN +11% on earnings. At $2 EPS a year... the PE is only 150 or so now. What a bargain!
Visa (V), +4%, earnings... with a 4 for 1 stock split. Everyone loves a stock split, right?
8.31am Q4 GDP: 2.6% growth, but that is a fair bit below expectations.
Equities a little weaker, sp -14pts @ 2007 (briefly -20pts)
8.52am.. Market remains weak, sp -17pts, 2004.
next up... PMI at 9.45am
9.42am.. sp -6pts... and far better than most expected.... won't take much to turn market positive.
9.45am.. PMI 59.4... pretty damn good... and negates worries about GDP...
Hyper-spike floor hourly candle on the indexes... bears beware!