Good morning. US equity futures are moderately lower on the news of Turkey shooting down a Russian military jet, sp -12pts, we're set to open at 2074. A brief foray to test the 200dma (2065) looks probable... as the market has a serious excuse to wash itself out.
*overnight futures low, sp -18pts, equiv' to 2070.
So... Turkey shoots down a Russian military fighter, accusing the Russians of violating their airspace.
This is geo-political true doomster stuff. Were I in Turkey right now... I'd be on DEFCON 4, not least with Erdogan in charge.
As for equities... best guess... a washout to 2065... more viable today than tomorrow.
Gold, +$10, a clear fear bid... although the lower USD is no doubt helping
Oil +1.7%.. clear geo-pol' fear related. Related oil/gas drillers are benefiting.
awaiting GDP data..............
8.30am... Q3 GDP rev'1: 2.1%... inline...
Futures increasingly weak, sp -15pts.. .2071.
So... 2065 by late morning, and then UP.
... unless the Russians want to start shooting back.