10 Feb
#eMini S&P 500 Feb.10.2012 – Greece deal delayed
Posted in Pre-open Analysis by Bob English at 10:34:30 4 CommentsThe Precise Take – Greece deal delayed
Big Picture Analysis - We’re seeing the first headline risk out of Europe in some time work its way into the US markets. While this might be another morning buying opportunity, we’re also on alert for the possibility of a trend day down, given the extended run-up this year. Consumer Sentiment at 9:55 am could be a market mover, as well as Bernanke’s speech at 12:30 pm EST.
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crontab
on February 10 2012 at 11:31:06
Too many bears, too many converted bulls who’ve missed this move and want to get on at cheaper prices, for it to go meaningfully lower IMO.
The only thing that concerns me is Steel Billet on the LME. Not particularly auspicious. So if we go meaningfully below last Friday’s gap up, I’d be concerned that something more portentous is brewing.
Bob English
on February 10 2012 at 11:58:02
I agree..any correction should be shallow..4-5%. Money supply is growing as a result of a pick up in lending and Benny’s QE2.5.
As to Steel Billet, is that just the Iranian sanctions, or is there more going on? I don’t follow it closely. I imagine the China slow down may impact too. But the West is definitely in manipulated boom mode thanks to the ECB and Fed. Now, we await the massive price inflation later this year, capital controls, deflationary crunch, overreaction by the Fed..rinse repeat.
crontab
on February 10 2012 at 12:32:39
Indeed. Re Steel Billet, check this out:
http://www.fastmarkets.com/scoop/?id=28818&v=22&lang=en&cid=152726&type=1
It’s good to see things like this because it helps stop one getting into a fixed mindset (of either bullishness or bearishness, in this case, for me, bullishness). There are always unknown unknowns.
crontab
on February 10 2012 at 12:37:38
And something else I just noticed: Transports are well below even last Thursday’s close (i.e. pre-Friday gap). Oh, and big bearish engulfing day on copper.