sp'daily5
USO'60min
Summary
*I remain interested in going long Oil.. via USO. Target entry is the gap price zone... and that is certainly viable this morning.
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So... a weekly close in the sp'2100s is looking probable. It does look like new historic highs are now due.. with broad upside into May.... perhaps all the way into the June FOMC, when rates might well be raised.
To be clear, I remain of the view that the economy should be able to cope with higher rates. Whether the financial markets get initially upset on such a move.... difficult to say.
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notable early strength: GE, +7.5%... as it announces a $50bn share buyback* - into 2018, along with GE capital disposal.
*Share buy backs remain the bane of the equity bears. GE will now have a permanent bid under its own stock. Certainly, shorting GE before the bulk of the buyback is complete, would seem a crazy trading idea.
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Have a good Friday.