Good morning. Futures are a little higher, sp +3pts, we're set to open at 2074. Metals are bouncing, Gold +$7, but set to resume broadly lower across the week. Energy prices remain weak, Nat' gas -3.9%, whilst Oil is -0.4%
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.
Update from Oscar
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'.
Good wishes for the week ahead!
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.