Good morning. Futures are a little lower, sp -4pts, we're set to open at 2106. Metals are mixed, Gold -$3, whilst Silver +1.2%. Oil is sharply lower, -3.6% in the $48s, with the $43 cycle low still highly vulnerable to being broken under.
*Gold hit $1190 overnight, which is a multi-month low, the Nov' low of $1130 looks set to be exceeded this spring.
So.... here we go again. Unlike last week, we should see some much more dynamic price movement... and typically that would favour the bears.
Best case seems to be, a test of the 50dma... which will soon be in the 2050s.. that is only 3% lower. Considering the broader trends, even that will take until next week to achieve.
Notable early weakness, oil/gas drillers, RIG -2.7%, SDRL, -4.3%. Both look to be generally weak into the summer, regardless of any continued broader market strength.
Econ-chatter from Mr Long, with guest Rubino.
Highly recommended, with some great consideration of the implications of NIRP across the world, and the distortions that might cause.
Good wishes for the week ahead!