11am update - Monday morning washout

US equities have continued to slip, with the sp' retracing almost 50% of the Friday gains. USD is holding gains of 0.4% in the DXY 98.60s. Metals remain weak, Gold -$10. Oil continues to implode, -5.0% in the $37s, as most are starting to realise that OPEC has effectively dissolved.


sp'60min

USO' daily2

Summary

Again, it is probably important to keep in mind that the only Fed official to appear this week - Bullard, is set to appear this hour. Any talk alluding to 'the economy is fine.. rates can rise' would be the excuse for a latter day recovery.

11am is a typical floor time.. so the threat is now against the bears... for rest of today.

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notable weakness... energy/commodities

CHK -9%
CNX -14%
RIG -3%
SDRL -9%

Copper miners, FCX -7%, TCK -9%

Precious metals, GDX -1.9%

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Meanwhile in London city...

About as good as it gets.. for a late afternoon in early December.
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time to cook
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11.09am.. spike floors from sp'2069

We've a provisional turn.. around 11am.
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11.27am.. sp'2068... a full 50% retrace of the Friday gains...  Hmm

Oil breaking new lows, -5.3%... and that sure ain't helping the broader market right now.

Time for Bullard to appear... 


11.43am.. Clear floor from sp'2066....  but the retrace sure was overly big. 

10am update - opening weakness

US equities open moderately lower, but it only makes for a minor retrace of the Friday 42pt hyper-gain. Whilst the USD is +0.6% in the DXY 98.80s, commodities are under pressure.. Gold -$10, whilst Oil is -3.7% in the $38s.


sp'60min

Summary

There is little to add.

No doubt a few bears will be getting overly excited at the opening weakness, but really... it won't likely be sustained. Equity bears saw a bonus washout last week.... it ain't happening again this week... right?


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The only bear happy about the GMCR deal this morning.. the Coca Cola polar bear.

see Bloomberg for the 2014 share purchase: HERE.


GMCR, daily

Back to the levels from mid-May.  More on GMCR later...

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time a little sun... back soon
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10.32am... Market should floor around 2075/73...

Hmm

Pre-Market Brief

Good morning. US equity futures are a touch lower, sp -2pts, we're set to open at 2089. USD is back on the rise +0.5% in the DXY 98.80s. Metals are weak, Gold -$5, whilst Oil is -2.9%... trading under the $40 threshold.


sp'60min

Summary

With little scheduled this week, it should favour the equity bulls.

First obvious target is a daily close above the recent high of sp'2104.  Once that is achieved, it is a straight forward move to 2115/20 zone.

For now, it really just seems to be a question of when new historic highs are hit... not if.
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Doomer chat, Hunter with Celente



As ever, make of that... what you will.

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Economics chatter, Long with Laggner



Some interesting points in this video.... but when it comes to Gold and the miners, Laggner is grossly out of his mind, but then.. he is one of the promoters.
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Overnight Asia action

Japan: solid gains of 1.0%... set to re-take the 20k threshold
China: +0.3% @ 3536.. still a little shaky.
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*Fed official Bullard is set to speak on the economy later this morning, Mr Market will no doubt be listening for any chatter on int' rates.

Have a good Monday
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8.46am... Takeover news....

GMCR, bought out by JAB holdng for $13.9bn.

GMCR stock +74% @ $90...  someone who is long the calls is having a good start to the week with that.


9.08am... and something to consider... on the flip side.

There have to be a few retail amateurs out there.. short GMCR on margin.. who have just been zeroed out... and will lose their house today.

Scary stuff.