sp'daily5
Summary
So... here we go again. A minor gain to start the week, but a net daily decline looks very viable today. In particular, a hit of the 50dma looks a given... whether today or tomorrow.
I see a fair few seeking the sp'2040s before the market levels out... that looks just about possible... but with the QE-pomo train having arrived in the EU this morning.... its going to be increasingly difficult for world indexes to sell much lower.
Notable weakness: AA, -3.4%... continuing to unravel... seemingly headed for $10/9 into the summer.
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Update from Oscar
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Hunter with some doomer chat from Gold promoter Morgan.
As ever... make of that what you will. I will note, it is ironic to see Morgan acknowledge Armstrong, since Armstrong would also deem Morgan nothing less than one of the crazy 'gold promoters'.
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Good wishes for the week ahead!
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9.36am.. Indexes higher.... but so is the VIX.
There is viable upside in VIX 17.50/18.00... that would likely equate to no lower than sp'2040.
In any case.... market looks set to turn lower.
9.42am.. Seems to be a major sell program on energy stocks... the usual suspects... BTU, CHK, RIG, SDRL... all now significantly lower.