Greece requests a bailout extension. Germany rejects.
Rolls Royce announced plans to build an SUV. Great timing from a socionomic perspective: it is fitting that "The Rolls Royce of SUVs" will likely appear just as things start to get rough. It better be built like a tank.
FOMC minutes were probably the most confused ever. Who could imagine the words patience and premature in the same statement.
ES Futures:
Pop & fizzle.
S&P Outlook:
Not yet able to pull away from the 2098.43 61.8% Fib extension target. 2089.80 is an important level to maintain a rising wedge structure. Breaking it could see a test of the 2080 area.
The chart would still look better 40 to 60 points higher, however.
FX:
USD appears to be backing and filling in order to head still higher soon. The inverse appears true for the euro.
Bonds:
Treasuries are just as confused as everyone else, giving back gains from yesterday's pseudo-dovish Fed minutes. Regardless, if the Dec. 24th lows hold, new price highs could be forthcoming.
Energy:
Crude looks awful if you see the -4% this morning, but it's backed into a nice spot in a rising wedge trend line. If it holds, it could rip higher. The more crucial level is $48.05.
Amazingly, a measured move is almost identical to the Fibonacci extension target at the $58 area.
Metals:
Gold seems to have found something it liked in the Fed minutes, most probably the confusion, which may signal uncertainty, which gold seems to like.
Special Situations:
Apple. Yes. Apple.
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| Sure is a gorgeous chart |
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| Also a gorgeous Elliott pattern |
The amazing thing is that as the fifth wave projects a high soon, Fibonacci does too. There are two multi-year Fib extension targets in close proximity to each other and the fifth wave projection.
The levels are 141.59 & 144.56.
So as gorgeous as Apple appears, here too things may be getting rough soon, possibly as it veers off from computers to cars. Maybe it should start with SUVs.
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