11am update - Monday morning washout

US equities have continued to slip, with the sp' retracing almost 50% of the Friday gains. USD is holding gains of 0.4% in the DXY 98.60s. Metals remain weak, Gold -$10. Oil continues to implode, -5.0% in the $37s, as most are starting to realise that OPEC has effectively dissolved.


sp'60min

USO' daily2

Summary

Again, it is probably important to keep in mind that the only Fed official to appear this week - Bullard, is set to appear this hour. Any talk alluding to 'the economy is fine.. rates can rise' would be the excuse for a latter day recovery.

11am is a typical floor time.. so the threat is now against the bears... for rest of today.

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notable weakness... energy/commodities

CHK -9%
CNX -14%
RIG -3%
SDRL -9%

Copper miners, FCX -7%, TCK -9%

Precious metals, GDX -1.9%

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Meanwhile in London city...

About as good as it gets.. for a late afternoon in early December.
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time to cook
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11.09am.. spike floors from sp'2069

We've a provisional turn.. around 11am.
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11.27am.. sp'2068... a full 50% retrace of the Friday gains...  Hmm

Oil breaking new lows, -5.3%... and that sure ain't helping the broader market right now.

Time for Bullard to appear... 


11.43am.. Clear floor from sp'2066....  but the retrace sure was overly big.