sp'60min
Summary
So.... 3 weeks down... but broadly, we're still yet to see any significant/sustained downside action, and that is entirely reflected in a VIX that is stuck in the mid/low teens.
Despite a likely higher open, a break <2039 looks due this week, and that will offer 2000/1990s, although that does seem more viable next week, not least once the next OPEX is out of the way.
Even then.... another bounce back to current levels then seems due, before things start to get interesting in late May/early June.
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early movers..
AAPL +1.5% in the $92s.... but the damage is done. With the recent loss of the $90 threshold, the 70s remain a valid target for this summer.
GDX +1.6% in the $25s.. as the metals remain broadly strong
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Overnight action
Japan: choppy, settling +0.4% @ 16466
China: climbing into the close, +0.8% @ 2850
Germany: CLOSED
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Have a good Monday
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8.33am Empire state manu' : -9 vs exp' +7. a truly lousy number to start the week... supports the overall notion of underlying weak growth.
sp +2pts @ 2048.