sp'60min
Summary
Welcome to July.... and its starting off with more Greek drama. Tsipras is due to address the nation 'soon'... all sorts of crazy rumours are flying around.
*something to watch for at the open, upper monthly bol' band on the sp'500.. that remains a valid 'last lunge higher' target for August... probably in the 2165/85 zone.
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Update from Oscar... who is side-stepping the indexes until next week
I agree on the short metals trade.. but for now... I'm leaving them alone until USD is lower.
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Overnight China action
Not surprisingly, China saw yet another set of crazy swings.. opening moderately lower.. a little chop.. but then rapidly unravelling in late afternoon, settling -5.2% @ 4053. The 3400s still look the natural target this summer.
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Have a great day.. and month.
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7.23am.. notable early weakness, TVIX/UXVY -9.5%... VXX -4.5%.. as the VIX is set to get whacked into the price gap zone of 16/15s.
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Outlook?
Well, I guess if you are into wave counts... call Monday a sub'3.. and we're still due a 5.. maybe to formally test the 200dma around 2054.... by late Thursday.. and then UP. For now.. I'm tired.. and in some ways, I'd rather just sit this out until at least next week.
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meanwhile... on clown finance TV...
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awaiting ADP jobs report...
8.15am. ADP jobs: 237k... above consensus... bullish.. and now some will start to get twitchy about rate rises again.
sp' +18pts.. 2081...
notable early strength: TSLA +1.5%. Did they sell another car this week?
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9.47am.. Bull maniacs need to clear sp'2085 to clarify a floor.. otherwise.. risk of a sub'5 wave lower to 200dma of 2054...
... still awaiting Tsipras to speak today.... gods know what he'll say this time!