11am update - I can't take any of it seriously

Well, its almost a 'normal' day in market land again. We've had a mixed batch of econ-data, news from the EU, and..more QE.

The interesting thing about the Bank of England QE...if you adjust it for population, relative to the USA (x6.25 or so)...you end up with an equivalent QE of $450bn. That's a pretty significant number. I'm not sure how much that degrades the UK money in circulation, but..it sure ain't going to help savers.


sp'daily5

VIX, daily, rainbow

Summary

I can't take anything seriously today, its ALL nonsense. This market can't be trusted until we're either breaking new index highs >1422..or below 1305. I guess the day-traders will be enjoying today so far, but the swing traders on both sides will arguably be getting annoyed already.

Daily trend remains UP, but the MACD cycle is starting to show the first sign of topping. The higher VIX is certainly confirming the index losses, but a VIX <20 can't be taken seriously either.

I suppose the bears could look for a 4-5 day topping pattern like we saw at the end of April. For now though, there is NO sign of a clear turn lower.

Its all noise...so far.

10am update - Euro smashed lower

Whilst the BoE prints more (that will solve everything, right?), the ECB cuts rates, market seems to be losing the hysteria since last Thursday afternoon. Mr Market will soon be desperately looking for its next fix, where will it come from next time? Maybe another rumour about LTRO'3 ?

ISM non-manu:  52.1 vs 53.7 previous  (lowest since January 2010) , not so great, but not 'dire'


Euro, daily

Sp, daily5

Summary

I'm really not expecting anything much today, things won't be clearer until after the monthly jobs data..and the style in which the market closes the week.

Bears can't really get excited until a break under 1305. Right now, that is a very long way down, and we sure won't be there until next week.

More across the day

Pre-Market Brief - print print print!

Good morning. Minor market declines in pre market of dow-30/40 have flipped to dow +30/40 on a few pieces of news. ECB cut rates by 0.25% to 0.75%. China also cut rates, and the Bank of England are doing another $75bn QE (great work, Mr King, you're so....original!)

Three pieces of econ-data due...ISM non-manu (10am)...and...

ADP jobs data: 176k , vs 136k previous,  reasonable !
Weekly Jobs data: 374k ..clearly..green shoots!


sp, daily4

Summary

On a slightly broader perspective you can see we are still in an up trend since the June sp'1266  low. There is NO sign of a turn yet, and a levelling stage (which would be pretty normal), would often take 3-5 days in itself.

Lets see what the econ-data is, and whether Mr Market wants to ramp towards that upper channel line of 1390/1400 by the Friday close.

Good wishes for Thursday trading.