We traded to 1980 in the SP500 futures overnight. I won’t be getting long if we don’t brake that level. This is great for the VXX trade I have on since the beginning of the week. Last Sunday I said that I was expecting a strong week and materializing.
Short-Term Market Outlook – Positive
15-day charts (1 bar = 15 minutes) with a SBV(16) are showing advancing SBV oscillator readings at session’s end. Positive money flow on this chart would suggest the possibility of positive trading tomorrow after the market open. 30-day charts (1 bar = 30 minutes) with a SBV(13) are showing positive money flow (advancing SBV) as well. Overall, these charts are in favor of the bulls.
Key Points for today
In Eastern Ukraine, intense fighting has broken out.
In Western China, an attach by separatists kills 31 people.
Gold is up on geopolitical turmoil.
Stocks in general are trading up on better than expected PMI in China.
Interest rates are range bound.
Oil is consolidating after a recent run.
Gold futures are at $1300, silver futures are at $19.64, and oil futures are $104.