Good morning. US equity futures are moderately lower, sp -11pts, we're set to open at 2049. Whilst the USD is +0.1% in the DXY 97.90s, metals are weak, Gold -$6. Oil is back on the slide, -2.9% in the $36s.
There are just four days left of the year, and we're starting the short week on a somewhat bearish note.
However, nothing has changed. Another net weekly gain is highly probable... somewhere in the 2080/90 zone.
There is a clear price gap around 2040, and Mr Market will be highly prone for a sharp reversal there today/early tomorrow.
Oil will clearly play a role in this market into year end... and across 2016. For now... there is more probability of upside ($40 threshold)... than breaking new multi-year lows.
RIG -1.5%, SDRL -2%
Update from Mr C.
Overnight Asia action
Japan: +0.6% in the 18800s
China: holding steady in the morning, but increasingly weak into the close, -2.6% @ 3533
Have a good Monday