sp'60min
Summary
Yesterday should have convinced even the most skeptical of bears that we're headed broadly higher into next week's FOMC. This mornings open will certainly clarify it... along with strong overnight Asia markets.
Broadly though, nothing has changed. The monthly cycles are BROKEN. Unless we close Sept' above sp'2060 or so (above the 10MA), the current up wave is to be treated for what it is.. a bounce.
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early movers
AAPL +1.0% in the 113s
DIS +0.9% in the 104.90s.. 105s look due this morning
NFLX +1.4% in the 96s
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Update from Oscar
All that is missing is talk about the 'new world economy' and how Aunt Janet will make everything fine again in the world.
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Doomer chat, Hunter with Morgan
Once again Morgan is touting the metals as close/having floored (what else would he say?). Until leading names like Morgan capitulate, the precious metals have NOT yet floored. I'm still looking for Gold to at least test the $1000 threshold. If USD battles to the DXY 120s though, then Gold 900/875 zone looks probable.
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Overnight Asia action
China: +2.3% @ 3243. Further upside to the 3500/600s looks a given next week. From there.... renewed downside... something very few are considering right now.
Japan: Some truly wacky upside in the Nikkei, settling +1343pts (7.7%) @ 18770. However, the gain does not negate the underlying bearish break that I highlighted this past weekend.
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*I've eyes on USO... but frankly, I am not particularly in the mood to hit any buttons today.
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Have a good Wednesday
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9.31am... Bears open the NYSE... the irony.
Here come the sp'1990s... with a truck load of short-stops from 1990/95 .. and then the big 2000.
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9.36am.. VERY big black-fail candle on AAPL.. major FAIL to start the day.