sp'daily5
VIX'daily3
Summary
US equities opened moderately higher, but the gains were quickly negated. There was a wave higher into the afternoon, only for a CNBC interview with Trump to knock things back lower. Recent strength in equities/commodities has (at least to some extent) been helped via the depreciating USD. Today's bullish dollar comments from Trump were directly responsible.
Further, keep in mind the importance of the DXY 88s. They are a massively key threshold that stretch all the way back to 2003. Today saw a clear bounce from DXY 88.26 to the mid 89s.
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Carboni on the same page
I've been following Mr C since 2008, and his targets are not to be dismissed lightly. Oscar had an ES target last year of 2650, 33pts below my sp'500 target of 2683. Today, Oscar issued his target for 2018...
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Oscar's ES target of 3258 is just 13pts above my own sp'500 target of 3245. Frankly, its very pleasing to see him post a similar target, and remaining on the same page as yours truly.
The secondary issue about commodities is also very important. For the infamous 'gold bugs' out there, things are soon to get real interesting. Even if the USD can see a multi-week up wave into the spring, it doesn't fully prevent Gold breaking above the decisive $1400 threshold. If correct, major implications for the related miners, some of which - such as Newmont Mining (NEM), have already achieved bullish breakouts.
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| A fine day in London city |
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Goodnight from London
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