US equities are very significantly higher. S/t momentum has turned positive, and offers upside into the afternoon. WTIC $117s. Gold $1990…. ironically, both of those numbers would have shocked people just a few weeks ago.
sp’60min
VIX’60min
Summary
*the gains are shaky, but I’d look for another push upward.
Prime upside target has to be teal gap… where the upper bollinger is.
The bulls only hope of a test of the 4450s, would be if CPI comes in cooler than than (7.9%) expected.
Yours truly is content to sit back and watch. I’d like to see some hours of gold/miners/oil floor building, before getting involved. Further, I’d like to see an equity cyclical ceiling/turn, and that might not come until late afternoon.
–
notable gold ETF: GLD, 60min
–
notable mining ETF: GDX, 60min
Opening reversal, but cyclically… we have no clear floor yet.
—
notable oil ETF: USO, 60min
Yellow cake looks realistic.
—
notable stock: AMD
Reflective of the main market… bouncing, but absolutely still m/t broken.