Who knows what happens after.
The dollar is flat, rates down slightly and oil down 2%. SM futures are up a little.
Hard to see the PPI doing anything other than being in-line with expectations, but smarter people than me already know what they are. I suspect that’s why they’ll be a nothing burger. They always have the element of surprise on their side though; I guess we’ll know soon enough.
Edit: Looks like the numbers were in-line, so we’re going to have to stand on our own merits today.
Did you see the small head and shoulders on maddogs chart at the point of breakout. It mirrored the last one if you look at the first point to the left. Except the new one did break out but pushed back down so there is some push going on. I didn’t say anything cuz although seldom do you have a failed head and shoulders but you have to wait and see.
you’re going backward.
I think that’s probably what we saw yesterday when we ran out of steam with the help of the money maggots. Surely the algo’s will say to each other that “well, it looks like the buying is drying up, so we better switch to sell everything.”
That appears to be what we’re getting this am. Everything sold without reason or correlation. Shares taking the biggest hit in the premarket, with the silver shares leading the way. The metals don’t look good, but they don’t look horrible either. If the PPI comes in even a little hot, the metals will get spanked. So, it looks like we’ll find out if there’s any support in the moving averages.
Isn’t it funny that the selling starts right at the exact place where maddog’s chart points to a massive breakout? I’m sure it’s coincidence, even though it happens every, single, time.