US equities open with minor chop... with underlying upward pressure... toward the psy' level of sp'2000. First soft support is the hourly 10MA...in the 1970s. VIX remains in cooling mode, the 18s look due this morning. Commodities are getting some help via weak USD, Gold +$11, with Oil +1.1%
I do understand why some would feel its fine to short with things as overbought as they are... but the bigger daily/weekly cycles are increasingly favouring the bulls.
For the moment... I remain content to wait for the 2000s.
notable strength: FCX, +4.5%... but really.. the company is a mess.. run by fools.
How desperate must FCX be for cash if they are willing to sell assets that cost them $9bn in 2012... a mere 3yrs later.. probably for 2-3bn ?