Hi Reid,
Well, as of about 1am ET, the futures have not reacted to the news from Iraq. They opened flat, and have stayed that way so far.
Here's the E mini Naz chart:
futuresource.com
The SPX looks about the same in terms of the current session:
futuresource.com
Oil is trading down a bit over this session, hovering above $47. Looks to me like there is further upside on this leg, judging from the stochastics (which are not overbought) and the support levels and BB:
futuresource.com
The dollar continues the correction that began last week, and looks to be headed to the lower BB, which would also be an area of chart support:
futuresource.com
April Gold has rallied right into resistance, with more resistance above, and close to overbought territory. Seems intent on resuming the slide that began at the beginning of December, but is currently trading up a bit for now:
futuresource.com
As for the overseas markets, the major Asian markets all finished about 1% in the green, and all the minor Asian markets were in plus territory as well except Australia. Almost unanimous rally in Asia. The European markets open in another couple of hours. I think the Asian markets are reacting to Friday's session in New York, just following along. Probably the European markets will do the same, but considerably more subdued.
I don't think the Asian markets are reacting to anything in Iraq, otherwise we'd see evidence of that in the futures trading. Mostly, I don't think they particularly care anymore, that everything is priced into their markets. And very likely, they are far more concerned with what that schizoid idiot with the bad bad haircut in North Korea is doing to stability right in their own back yards. Probably things in Iraq are priced into the US markets as well.
At this point, the open tomorrow seems to be shaping up much the same as the open last Monday. Last Friday's session was similar to the previous Friday (with some notable exceptions as outlined in my post on QQQQ on Friday). So... I suspect we'll see a mild rally at the open as the retail orders are filled, but I can't see any evidence that this will be sustained.
T |
