Thursday, 31 December 2015

10am update - opening weakness

US equities open weak, with the sp' -11pts @ 2051. Most notably, the sp'500 is trading back under the monthly 10MA, if there isn't a latter day recovery today.. some of the bears can justifiably start sounding alarm bells. Metals are choppy, Gold +$2. Oil is trying to rebound, -0.7% in the $36s.




**Chicago PMI: 42.9.    VERY recessionary... and another lousy number for the econ-bulls. This is indeed indicative that Q4 GDP will likely be pretty weak, in the 0.5-1.0% range.

Would the mainstream get spooked with a negative number... and then start to ask 'how could Yellen have raised rates'

Meanwhile, it remains amusing to see the cheerleaders on clown finance TV get increasingly twitchy about whether the sp'500 settles above or below 2058.

Were I there, I'd merely tell them to cease their nonsense chatter.. and go stare at the Transports for an hour, but few of them want to reflect on what the 'old leader' index is warning them of.

As things are... I'm guessing we'll see a rebound into the yearly close, but things sure don't look so great right now.

time for some sun, and to shop.. back soon!