Good morning. Futures are largely flat (ahead of GDP data), we're set to open at sp'2120. USD is fractionally lower @ DXY 96.90s. Metals are broadly flat. Oil has early gains of 1.2%.
*futures were sp -9pts at one point, but with more Greek chatter... jumped back to evens.
Equity bears should keep in mind that even if somehow the market closes significantly lower today by 1%, most indexes would still settle May with a net gain.
Update from Oscar
Have a good Friday.
...awaiting GDP and PMI data.... should give prices a kick... one way or the other.
8.30am Q1 GDP (first rev): -0.7%... not pretty.... broadly inline with market exp.
Equity reaction is muted... the only real mover was Gold.. flipping from -$2 to +4
USD has turned fractionally positive.
Overnight action in China was indeed crazy... opening to the low 4400s - on rising support.. but closing -0.2% in the 4600s. No doubt some will still be looking for 5K in the near term
8.39am... sp -3pts... 2117. Bears just need to break -0.5% lower to build enough downside momentum to cause some problems into the weekly close.
As ever, its a case of how many of the rats might want to bail ahead of the weekend.
9.34am... Relatively muted open.. sp -2pts... 2112 is the low to break...
Who wants to buy ahead of the Chicago PMI ? Hmmm
.. eyes to the VIX... looking for a break into the 14s.
9.45am.. Chicago PMI: 46.2 vs. market exp' 53.1
Absolutely DIRE number... a RECESSIONARY number for May.. so that ain't pretty for GDP Q2
VIX breaks into the 14s... things are starting to get moderately interesting