US equities open weak, with the sp'500 finding initial support around the 38% fib' retrace. There is threat of a secondary down wave later today/early Wed', but regardless... the broader trend remains bullish.
*notable sig' strength in Oil... no doubt partly due to a cooling USD, and also a fear-bid via the Turkey/Russia situation.
Cyclically Oil is set for an up wave into early/mid December. First target is the 50dma... equiv' to WTIC @ $45s.
As ever, the next set of inventory reports will be a key determinant on Oil.
Interesting open... but as has been the case for years.... the market will be inclined to rally.... not least as there really isn't any sig' sell side vol'.
oil/gas drillers, RIG +3.1%
CREE +1.1%, seemingly headed for the 200dma... in the $29s.
CHK +4.5%... as Oil shows some upside kick
GDX +2.4%... with Gold +$8. ... broadly though.. both look set to break new multi-year lows.
10.01am.. consumer con' 90.4.... very subdued.. relative to recent 99s.
Richmond fed... -3... nothing great there.
sp -8pts.... choppy.... a better time for a key floor will be around 11am... as is usually the case.
10.38am.. sp'2072..... the 200dma of 2065... within reach... before a key turn.
Sustained action <2060 continues to look extremely unlikely.... not least in holiday week.