Friday, 26 February 2016

Pre-Market Brief

Good morning. US equity futures are moderately higher, sp +9pts, we're set to open at 1960. USD is +0.1% in the DXY 97.40s. Metals are bouncing, Gold +$3. WTIC Oil is +1.0% in the $33s.



Having broken and importantly.. closed, above the 50dma, this morning's gains will be less shaky than yesterday morning.

Indeed, the daily cycle is offering a Friday close in the 1970s today.. which is pretty bizarre, considering we were 1891 just two days ago.

So.. 2K is a given, right? The only issue now is whether a hit of the 200dma in the 2020s, or even a gap fill in the 2038/43 zone.

In either case... the aspect of time will be equally important. Given another 2-3 weeks.. that should be enough to conclude the up cycle.

Update from a money burning Oscar

Market chatter from Schiff


Overnight action

Japan: rather subdued, +0.3% @ 16188
China: a relatively minor rebound, +0.9% @ 2767
Germany: currently +1.4% @ 9462

Have a good Friday

8.31am  GDP (rev'1) 1.0%...   upgraded from 0.7%.. and above market exp' of 0.4%.

So.. that is a positive for those macro-bulls who believe the US will avoid recession.

sp +12pts... `1963


sp +13pts @ 1964

notable weakness... TVIX -4% in the $7.90s... that is $3 lower than Wed' morning.

Gold has swung... now -$3... and the miners are following.

Miners/Gold look highly vulnerable into mid March.