US equities open with some mixed chop, but equity bulls look set to see a bullish MACD cross before the end of today. A break of the down trend looks highly probable by midday Thursday. Metals are weak, Gold -$5... on its way to breaking a new multi-year low (<$1130).
*the strong dollar sure isn't helping the metals. The above 'best guess' wave count for Gold looks on track. I'm broadly in agreement with Armstrong (although he doesn't do any wave count nonsense). If I'm right about a sub'3... then we should just keep falling into late spring.
So... its not the most exciting of opens..., but still... a turn/floor building day would be pretty natural.
For the wave counters out there.... we do have a rather clear 5 waves lower, and in theory... we should battle upward from here... at least into the Friday close. Indeed, a weekly close in the 2070//80s looks very viable.
Notable strength: INTC +2.7%... on its way to the $40s.... just a case of how long it takes.... not if.
10.31am.. Oil inventories.. surplus of around 4 million barrels... not great.... but somewhat better.
Oil still -1.6% on the day.
10.36am.. Fractional new index low sp'2043... Hmmm.... as ever.. VIX remains subdued... still stuck in the mid 16s.
INTC powering upward.... +3.7%....