The collision of global markets and social mood

Monday, December 5, 2016

Monday -- NO

S&P E-mini Futures:
Upside overnight reversal.

Italy voted NO to the most extensive constitutional reform in since the end of its monarchy. Renzi stepped down. The future of Italy's place in the EU is now less certain. The future of Europe's oldest bank is even less certain. Markets cheer rather than break down. Risk On.

Maybe the entire globalist message is over.

EUR and GBP higher, USD and JPY weaker. More Risk On.

Prices still not looking right, under pressure.

WTI crude looks like it want to test the 60 area. NG liked its recent highs so much it made new ones.

Gold and silver down vs copper up over 2% -- more Risk On. Platinum and palladium mixed.

S&P Outlook:
Got stopped on the SPY calls Friday.

Once again, like Brexit, equity futures got into an equivalent cash buy area overnight and reversed before the cash market opened. So unless today's rally fades, I won't be able to be a buyer at the 2182 area.

The 2181.90 gap and 2182.30 swing point remain for the potential overlap which would weaken the impulsive scenario higher.

Above, the 2207 area remains a target with a nice volume shelf for the market to shoot for, along with Wednesday's high-volume highs.

If the market rallies on light volume a potential short opportunity could appear.

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