Stock futures are in consolidation mode after a huge move yesterday. 4th 8ema is serving as a support at the moment. Bulls are looking to buy the pullback to daily and weekly pivots. Bears are licking wounds. We are still within a well-defined range: 1300 - 1350 on SPX. Sell the rips and buy the dips until further notice.
Oil is bouncing inside its own range $95 - $100. I do not see anything to propell it higher unless equities take out their range. Neither will it crater due to surprise draws in inventories. We just had another surprise draw, reported moments ago.
Gold is meandering after a vicious 30 point pullback. Late longs have been burned, again! I do not see another big decline unless US and EZ debts get resolved. It will consolidate here in a choppy mode, I think...
Forex: dollar is down across the board due to no debt deal in congress. We get another few days of this cat and mouse game, and equities will start a sell-off into the weekend. Lets get it done, guys and gals on the hill.
We also got less than expected housing #. Do not look for a market defining moment there for now. Only a trend up will get traders excited, and more subdued numbers will not matter, as it is already well-discounted...
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