sp'60min
Summary
So... we're set to open around the 1900 threshold, and that is pretty important.
No doubt, Oil is a key market pressure... and last evening's API report (7 million build) was not good for the bulls.... the EIA is due at 10.30am this morning.
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Best guess: market rallies after a morning low (typically around 11am), and pushes upward into end week and across early March.
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early movers...
CHK +14% @ $2.50
GDX +2.2%... as Gold continues to rally
TVIX +8% in the $8.80s.. as VIX is set for 22s
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Update from Mr C.
Who is effectively calling a short term top, with a straight move to around sp'1700.
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Doomer chat, Hunter with Snyder of 'economic collapse blog'.
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Overnight action
Japan: choppy, settling -0.8% @ 15915
China: climbing into the close, +0.8% @ 2928
Germany: currently -2.3% @ 9198
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RE: Gold, GLD, daily
As even Oscar notes, the recent Gold ramp from December is not for no reason. 'Something' is going on. Price structure is indeed a bullish pennant, with the big gap already filled. I'd be surprised if Gold doesn't first retrace to the red zone... equating to Gold $1180/70.
First big upside target for Gold is the $1300 threshold... which would be GLD $125s... around 6% higher.
If Gold can reach the $1400s.. or certainly the 1500s this spring/summer - as equities implode, then it would clarify that Dec'2015 was the long awaited multi-year low.
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Have a good Wednesday
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9.35am.. sp'1899.. with VIX 22s.
Certainly... not pretty.. but overall market mood.. still isn't that bearish.
*Cramer talking that Dimon of JPM might need to 'average down'..... lol