Up, yet off pre-market highs. Messy chart.
News:
China reported more bad numbers and its markets loved it so much they hit new highs. So hope (for more stimulus) is alive and well worldwide.
Even in Greece.
Bloomberg is out with another socionomic gem:
Quite possibly the ultimate oxymoron, putting Jumbo Shrimp to shame, and feels like the oft-touted "brown is the new black" refrain that no one listens to, but whatever.
FX:
FX is rather beige today except for USDNOK. Whoa. Evidently, traders of Krone see lower oil prices soon.
Treasuries:
Still looking & acting creepy.
Energy:
WTI crude put together two good looking days last Thursday and Friday and is correcting just a bit. Above 60.94 could clear it for new highs.
NG put together two bad weeks. Keeping below the prior stop level -- 2.788 -- keeps pressure to the downside.
Metals:
Gold still sub-1200.
S&P Outlook:
Volume picked up considerably on Friday's crap out.
The more I study the S&P 500 chart in relation to the Dow, Wilshire, NY Comp, Nasdaq, Russell, and VIX, the more I feel that 2067.93 is a significant level.
My preference is for it to hold. If broken, it shouldn't be a lasting break. If so, it could be that the larger wave 3 was put in and we're in the larger, long-anticipated wave 4 correction.
If so, here is how the waves could be counted. (Note: Wave 4 would probably not be a straight line move as drawn, but more of a three-wave A-B-C pattern.)
Yet if 2067.93 holds, a little more upside is possible. I'd like to think that at least the VIX chart is suggesting this scenario (new lows possible in VIX).
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