Good morning. Futures are moderately higher, sp +7pts, we're set to open at 2114. The USD continues to climb, +0.4% in the DXY 97.40s. Metals are already somewhat weak, Gold -$4. Oil is similarly on the side, -0.4%.
Gold, daily'2, with USD
*awaiting a number of data points this morning, notably PMI/ISM manu'
Welcome to June :)
So, we're set to open a little higher, but a reversal lower looks very possible. Declining resistance will be around sp'2120 by lunchtime.. bears must hold the morning rally below that.
The daily/weekly cycles continue to offer a brief drop around sp'2080, before renewed upside into the next FOMC of June'17th.
Weekend dollar doom chatter - Hunter, with Schiff
Once again the Schiff is on the 'dollar doom train'. He simply can't help himself, despite being wrong for TEN years straight on national TV/online. Now he is calling for a dollar collapse on the basis that the market believes the fed can raise rates.. but which he does not think is possible.
I have been a supporter of Schiff since 2006, but I do wish he'd quit this currency talk nonsense. He has been wrong for a decade.. and seems utterly inflexible on this issue.
*is it ironic that he never mentions Gold once in this interview. I'd guess he has not capitulated on Gold... quite yet though. Mr Market has yet to break enough of the gold bugs to merit a key floor/washout level.
notable overnight hyper-strength: China, +4.7% @ 4828... making another attempt to break/hold the giant psy level of 5K.
Good wishes for the month ahead!