Morning folks. Looks like market is gapping up about 1/2 % or so. Oil is firming up a bit up 1%. Futures Might be getting a push from somewhat decent reports fro $wmt and $hd and the $pot buyout news by $bhp. The Ag complex is gapping up hard across the board almost 10%
the first time in a week we arent gapping down. traders seem to like big merger news like the $pot bid as its the only good news we’ve had in a bit. A failure for the market to gain traction on this would be a big negative “tell” as almost everytrader Im talking to is positioning themselves for a bounce into this week.
Lets see if we can clear the 50dma. there might be a shot we are bearflagging right under but any decent bounce could take us right back to the 20dma around $spx 1100. We’ll keep an eye on $spx 1070 yesterdays lows after the gap down as support.
Also keep an eye on the AGS today. Some of the could fly. $cga and $cagc(over 11.7) looks ripe for a breakout
silver and gold stocks still perking up.