Equity futures are higher overnight, with bonds gapping significantly lower (higher interest), oil is regaining yesterday’s loss and testing $100 again, gold & silver have broken out higher from their recent consolidation, and most food commodities are slightly lower.
New Home Sales and the Richmond “Fed” data will be released at 10 Eastern and we’ll cover those inside our daily thread, please check back.
Gee, I guess all those Eurozone debt concerns magically were cured overnight… Barely making the headlines, the bombing of Tripoli continues. We’re still neck deep in Afghanistan. Rumor mongering about Pakistan and their nuclear weapons continues, and bombs galore continue to kill in Iraq. Severe weather in the U.S. continues, and another Iceland volcano blows its top spewing ash towards the debt saturated Europe. More and more people are finally acknowledging complete meltdown in all three Fukushima reactors, duh. And the radiation levels in Tokyo are severe in spots as the contamination continues to migrate – still no acknowledgement of what must really be done in order to contain it.
In other words, nothing new in the big picture, just another complete capture/ manipulate your wealth away day…
Yesterday's action threw the major indices below the bottom Bollingers and some below their 50dma's. The XLF closed a perfect outside inverted hammer below the bottom Bollinger band and right on top of the 200dma. This is a classic reversal set up I showed yesterday, and sure enough it appears it will open higher today:
Note that the XLF and RUT both produced new closing lows below the April lows, but as of yet the other fluff indices have not.
Hey - you can't go on
thinking nothing's wrong...
Tuesday, May 24, 2011
Posted byAmy Jamison at5:23 AM