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Stock Market Pop-n-drop or Just Drop?

Stock-Markets / Stock Markets 2014 Dec 31, 2014 - 03:50 PM GMT

By: Anthony_Cherniawski

Stock-Markets

The SPX futures added to the retracement by rising near 2085.00, but are coming back down as I write. The Premarket is up about 2 points, but seems to be losing ground.

Jobless claims went up today for the month of December. ZeroHedge reports that it is the highest monthly rise in jobless claims since the polar vortex last year. Chicago PMI is being reported at 9:45 and is not likely to be good. Today may not be a good day for stocks.


VIX is flat at this time, so there is no indication of direction after the open.

Again, crude is in the news, having made a new low in the futures of 52.51. After the mainstream press called for oil prices to stabilize, it is no surprise that every bounce is being sold. Oil stocks and high yield bonds will soon follow. Reports of Saudi king Abdullah being hospitalized is not helping matters.

Gold is attempting one final bounce with 1218.00 in its sights. There is no guarantee where it may end up, but we may see a good short entry later today.

TNX has one more probe lower before taking off to higher levels. A possible target for TNX may be 21.25 to 21.30. It is possible that the target may be reached later today. Remember, the markets are closed tomorrow, so plan accordingly..

Respectfully,

Tony

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