sp'weekly
Summary
*notable overnight action... China, +2.8% at a new cycle high 4657. The giant 5K threshold is now viable within the next few weeks.
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A net weekly gain for the sp'500 - and most other indexes, looks due. It would make for the third consecutive positive week, and it remains probable that we'll be trading in the 2170s by the next FOMC of June 17th.
early movers...
DE +2.8%
BBRY +3.8%... a 12 million share buy back. Solves ALL the problems, right?
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Doomer rant on the banks currency rigging from Hunter
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Have a good Friday
*awaiting the CPI data at 8.30am...
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CPI core, April +0.1%, y/y -0.2%
(I've no idea why anyone would not look at the core, rather than take out food/energy).
Like the UK, USA has deflation... but then... I like lower prices.
Market reaction.... sp -4pts..... metals turning a touch negative.
... now its a case of what the Yellen has to say this afternoon.
8.42am sp-6pts.... Gold back to flat... we're clearly seeing a moderate turn after the CPI data.
re: BBRY... it'd seem the gains is because of an announced 12 million share buy back.
No doubt, Denniger will be jumping up and down with that news.
*hey, deflationland, if you're out there... HELLO, and I hope you're not short BBRY.
Many of these share buy backs are set to last into 2017 (GE is a prime example)... and it remains a primary reason why equity bears should broadly just stay away for another two years.
8.55am. USD has seen a major swing, now +0.5% in the DXY 95.70s. If we can see the 96s... metals and Oil will be weak into the weekly close.