11am update - morning weakness

Equities are seeing some moderate weakness, with the Monday baby bull flag having failed. Mr Market is offering the threat of continued downside to sp'2090/85 zone, where there are multiple aspects of support. Metals are holding gains, Gold +$8. WTIC Oil is holding the $60 threshold, +3.1%.


sp'60min

Summary

*as I will continue to note.. broader trend remains bullish... but hey... I realise some will be getting overly excited at this morning's weakness.
--

So.. moderate declines, but really, its the same old nonsense. Companies will be buying their own stock this morning.. as they did yesterday.. and as they'll do tomorrow.

-
Meanwhile.. BABA continues to unravel.. already breaking into the $77s.

BABA, daily

No doubt the mainstream will give BABA a lot of coverage this Thursday (for earnings)... but by then.. the stock could be as low as 70/68... right back to the IPO level.


11.23am.. sp'2098... so.. we're headed for 2090/85 it would seem.

Weakness into the jobs report.. and then ramp after.... probably.

notable weakness: FXI (long China).. -3.0%... looking ugly on the daily chart to SSEC 4K