Again its a case of a moderately weak open, with no real downside power, a latter day recovery looks due. The market is set to enter a holding pattern until the FOMC announcement of 2pm. Metals are a little weak, Gold -$4. Oil is +0.3% ahead of the latest EIA report.
*awaiting EIA report (due 10.30am)
A very disappointing open for those in bear land. Lousy GDP data... pre-market weakness of sp-13pts.... only to open -6pts.. and already in danger of turning positive!
Whether you want to blame the central banks, stock buy backs, or just plain crazy 'momo chasers',... this is no market for the bears.
notable weakness.... the hysteria stock that is TWTR...
An opening reversal candle.... but TWTR has a long day ahead... with the CEO to appear on clown finance TV in the 11am hour.
Market still seems more rattled by the early release of earnings, than the usual lousy earnings/outlook.
A daily close <$40 would be a real problem, and open up a likely move to the 36/35s. before flooring.
For now... I'm not getting involved in the TWTR nonsense.... but it remains a great deal of free entertainment.
10.24am.... EIA report due.... with sp -11pts.
It remains notable that we're still well above yesterdays' low of sp'2094.
*TWTR unable to hold the $40 psy' level... it would seem 36/35 is due in early May.
USD dropping like a rock... -1.1% the DXY 94s have now been hit...
10.30am.. EIA report.... 1.9 million barrel surplus... somewhat less than expected...
Oil is on the rise, +1.1%... still set for the $60 threshold.
*I remain long USO...seeking a move into the $20s
10.35am.... NEWS update.... the Ben Bernanke is now a senion advisor at PIMCO.
... the irony.
USD -1.2%.... its helping prop up equities/commodities...
Oil climbing... +2.1%