Pre-Market Brief

Good morning. Futures are a touch lower, sp -3pts, we're set to open at 1981. Metals are trying to bounce, Gold +$3. Primary downside target zone remains sp'1973/70, which should equate (briefly) to VIX in the 15s.


sp'60min

Summary

Well, here we go again... another day... lets see if we hit the low sp'1970s today....

A problem for the bears is $2bn or so of QE-pomo... but as ever... the selling might be enough to negate this relatively minor amount of QE fuel.
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Notable weakness: NFLX -1.8%... following on from yesterdays severe weakness in momo-land.
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Update from Mr C.



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Good wishes for Tuesday
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9.35am.. It remains depressing how weak the bears are. Even holding a decline of sp' -4pts is tough.

Regardless...a typical morning turn is around 11am... lets see if we're low 1970s then.

VIX 14.40s... won't take much to hit 15s.


9.37am.. Opening black candle on the VIX..... reversal on the equity indexes.

..really...really lame... when you consider there is $2bn of QE fuel this morning.

Tedious start to the week

The week began with a rather tedious day of minor chop for the main market - despite some notable weakness in the R2K/momo stocks. The best the bears have managed across the last few weeks is an embarrassing -1.6% decline.


sp'weekly8

Summary

So.... a second blue candle.

For those doomer bears out there who think sp'2011 is a key top... the second blue candle is indeed something to get marginally curious about.

All things considered though, price structure on the daily charts is arguably bullish, and a move from 2011 to 1970 would still only qualify as 'embarrassingly lame'.
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Hunter with Armstrong



Interesting discussion.. well worth giving some time to.
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Looking ahead

Not much is due tomorrow, just the PPI. Market will sway its attention to the Fed, as it begins its meeting, but then... we know what the announcement will be.

*there is sig' QE of $2-2.5bn....bears beware!
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Special tech note...

This might apply to just a few of you, but I wanted to note it anyway, since its been driving me insane since last Friday...

Mozilla Thunderbird - email client

Problem - upon upgrade to new version, new emails no longer received/sent

Solution...

1. DELETE 'mozilla thunderbird' folder in C: program files (might be in x86 folder)
2. Download a FULL copy of Thunderbird... do not use OLD version.
3. Install

4. ALL old emails AND folders should re-appear.. although you might need to re-enter passwords for individual accounts.
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Personally, I continue to have an intense love and hate relationship with technology. It sure offers the most amazing opportunities, but when it doesn't work, and there are a near infinite reasons 'why' it might have stopped working, well, that is when I almost long for the days pre-internet.

Goodnight from London

Daily Index Cycle update

US equity indexes closed somewhat mixed, sp -1pt @ 1984 (intra low 1978). The two leaders - Trans/R2K, settled  -0.4% and -1.2% respectively. Near term outlook offers the low sp'1970s, before renewed upside into October.


sp'daily5

R2K

Summary

Suffice to say, there was some real disparity between the main indexes today. At one point, we had the Dow fractionally higher, whilst the R2K was lower by a rather significant -1.4%.

Broader outlook remains bullish, so long as the 1970s hold.
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Closing update from Riley



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a little more later...