Good morning. Futures are a touch higher, sp +1pts, we're set to open at 2081. Metals are weak, Gold -$6, holding within a large bearish H/S formation. Oil is holding moderate gains of 0.8%.
*it is notable that the weekly 'rainbow' cycle is now offering a bearish red candle, although the equity bears have been regularly teased this year.
It is election day here in the UK, naturally, the media are largely silent about it... as they are ordered to be. The result should be clear by 6pm EST today.
Overnight futures were as low as sp -14pts a little earlier, which would have marginally taken out yesterdays low. Instead, we're seeing an early bounce.. as clown finance TV report that fed official Evans says no rate hikes until 2016.
Equity bears need at least a moderately lower close today to have any realistic hope of hitting the 2040/30 zone in the current down wave from 2125.
*USD is +0.3%, and that will help to put some downward pressure on the market today. Clearly though, the bigger reaction will come tomorrow morning.
BABA, EPS 48 cents vs 42 exp. Rev' beat too, stock +10% @ $88.
WFM, EPS inline @ 43 cents, rev' a touch light, market using the latter as an excuse to sell the stock lower by a sig' -13%.
TSLA, loss per share was better than expected. In Wed' AH, the stock traded higher in the low $240s, but this morning is selling lower as increasingly more are talking about how it is over-valued... currently -2.6% @ $224.
Good wishes for Thursday trading
8.50am Futures are weakening, sp -6pts, to 2074.
*Gold is -$10.... I will probably drop that (short position).... shortly after the open.
9.36am.. EXITED GLD-short from 113.90...... not as great as I hoped... but its a gain.