sp'60min
Summary
*awaiting a quartet of data, notably Chicago PMI (9.45am)
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So.... world markets are leaning weak into month end, and most of them are still broadly bearish from spring/summer 2015.... but more on that in this weekend's post.
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As for today, regardless of the exact open, price momentum is leaning on the bearish side.. a hit of the sp'2065/61 gap zone looks due today.
All things considered, a monthly close in the sp'2050s would be a bonus, and offer the 2040s next Monday.
As noted yesterday, until I see a daily close in the sp'2020s, I will not have any confidence that the market has made a mid term high of 2111.
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early movers...
AMZN +12%, EPS, $1.07... call it $4 a year.... a PE of roughly 160/170. What a bargain huh?
EXPE +11%, moderate net profit... far more than Mr Market expected
SDRL +17%... but still only in the $5s.
GDX +1.0%... as the metals continue to climb.
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Update from Mr C.
The 'failed head test' scenario, if it plays out, offers downside to at least the sp'1600/1500s.. which would no doubt freak out the mainstream.
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Overnight action..
Japan: CLOSED, settling April @ 16666
China: -0.2% @ 2938... so much for the 3K threshold.
Germany: currently -1.3% @ 10188
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Good wishes for Friday!
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8.53am.. a minor.. but important break lower in pre-market.. sp -6pts @ 2069.
earnings (or rather, lack of) from CVX not helping... CVX -1.5%
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Buffett 'earnings have never been better'. Is he referring to any country on this planet.. or some other part of the galaxy?
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9.21am.. With GDX +2.1% @ $24.81.. the miner ETF has now officially doubled up since the Jan'19'th low of $12.40.
Pretty incredible.. considering Gold has not even broken into the $1300s yet.
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9.23am.. notable weakness. Seagate (STX). -5% in the $25s as earnings missed.
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9.45am.. Chicago PMI: 50.4... WEAK WEAK WEAK... and borderline recession.