11am update - minor retrace

US equities have seen a minor retrace to sp'2039, which might well be as low as we go today. In any case... a day or two of minor chop/weakness is understandable after the powerful ramp from the spike floor of 1980. Oil is helping to pressure equities, sharply lower by -4.2% after an inventory build of 6.3 million barrels.


sp'60min

Summary

Moderate weakness.... certainly nothing for the equity bears to be overly excited about. Neither do I see the break under the 50dma as important.

Oil remains a problem for Mr Market... as the mainstream are currently desperate for prices to stabilise and 'gently' climb into the summer. I find it hard to believe $43 is a floor, but if it is... then....

USO, weekly'2

I should note, I have LOW confidence that a key floor is currently in. If we see a closing weekly green candle.. then... maybe.

-
Notable strength: DIS +7%, above the giant psy' level of $100. If there is one stock I can be confidently bullish about this year.. it is Disney... not least with Avengers'2 due in May.. and Star Wars'7 in December.

--
time to shop... back soon