10am update - opening chop

US indexes open a touch higher, but are somewhat choppy. There is significant probability of a retrace of the recent 1842/87 wave, perhaps slipping to sp'1870/65. Metals are showing some opening strength, Gold +$11, whilst Oil is weak, -0.1%


sp'60min

Summary

*awaiting factory orders data at 10am
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Transports especially strong..+0.5%
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So...barring a move above the opening high of 1887, I'll be looking for a two day minor retrace, back to 1870/65..somewhere around there.

I'll consider going long..at that point, but not today!

What I won't do...since new index highs, I won't attempt any re-short...pointless.


10.01am.. Factory orders, +1.6%...reasonable.

Indexes look as though they want to sell lower..at least a little.


10.13am.. market is stuck at 1887....looks like we will see that retrace.


10.30am... 1888...hmm...well, I ain't chasing it higher.

Notable strength: GDX +2.9%, helped by Gold +$11