Good morning. Equity futures are a little lower, sp -6pts, we're set to open at 1981. USD is cooling, -0.3% in the DXY 95.80s. Gold +$3, whilst Oil is broadly flat in the $46s.
*Dow, note the 10MA... the bull maniacs should be desperate for a monthly close in the 17400s... or the grander outlook remains bearish into early 2016.
So.. a little overnight weakness, and perhaps we'll start cooling to the 1960/50s by Thursday.
Overall though, it looks overly risky to short, as daily/weekly upward momentum is increasingly stronger with each day.
The sp'2000s still look due in the near term... and there remains threat of 2040/60 zone.. before the next rollover.
To be clear, unlike some out there, I do NOT see new index highs late this year/early 2016.
FCX has decided to offload its oil/gas servicing section... some 3/4yrs after buying it at the top of the market.
The entire board should be fired for gross incompetence.. but no... they won't. Instead, now they'll be congratulating themselves on their new asset disposal plan.
The stock is naturally, +3.5%... but still -70% from the levels of a year ago.
Have a good Tuesday