sp'60min
Summary
So, opening chop... and as usual, it remains a case of no sig' downside power. This market is still broadly climbing.
Ironically, the fact the mainstream don't even get it, makes things even more bullish. The same situation is the case in the perception for China.. and most of the EU markets.
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Whilst AMZN is the most mis-priced stock on the upside... one of the most under-valued (relative to main market) is AAPL.
Despite excellent results, the stock have lost early gains, and is now on the slide... on heavy volume.
First support is the $128/27s.. where the 50dma is lurking.
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10.02am... Consumer confidence.. 95 vs 103 previous.... pretty disappointing.
Richmond Fed... -3 for April... another depressing number...
.. but hey... bad news is now good news... right? After all, all that matters to the market is for no rate hikes this summer.
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10.07am... A rather huge bearish engulfing candle for AAPL, after breaking a new historic high of $135.75 at the open.
I realise some of the bears will be getting excited about such an opening reversal... but really... would you seriously want to short such a company? To me.. it is nothing less than the height of crazy.
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Notable strength, energy stocks, RIG/SDRL, both higher by around 2%... as Oil starts to build gains, +1.1%
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10.12am... R2K has broken the rising trend that stretches back to October. -0.6%.. and looking vulnerable right now.
Well, now its a case of 'floor at 11am... and see what the bulls can do into the early afternoon'.
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10.14am... Pretty surprising things going on in this first hour...
USD now -0.7%.... and its not helping prop up equities. Oil/metals though are benefiting...
Gold +$10... Oil +1.4%
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10.33am.. Buyers starting to appear... back above sp'2100, VIX already starting to cool... losing the 14s.