Stocks Premarket is Down, Awaits the FOMC
Stock-Markets / Stock Markets 2016 Mar 16, 2016 - 02:18 PM GMTGood Morning!
The SPX Premarket is down, but not sufficiently to break the next support level at 1988.79. Should the decline continue, I would expect to see a bounce in that vicinity.
The news that may have influenced the decline was that Core CPI increased 2.3% year-over-year.
This morning Peabody Energy, the largest coal producer in the U.S., announced that it had just filed its 10-K and may take Chapter 11 bankruptcy protection.
In the banking sector, Duetsche Bank president, John Cryan announced that it will not be profitable in 2016.
Wave [c] extended to its 2-hour Cycle Top this morning as short sellers of US Treasuries continue to pile on. It appears that this may be an accident waiting to happen as short sellers appears to be very sure of their position. Or maybe this is a last ditch effort by banks to rally stocks in order to pay off their credit lines to energy companies through stock secondary offerings.
USD rose to 97.06 this morning as the retracement wraps up. Wave 3 may begin its final leg down to 93.93 at any time, but it may be the Fed that gives it the impetus to do so.
Goldman Sachs insists that the Dollar rally is far from over. While their logic may be impeccable, their timing may not be.
Regards,
Tony
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