Opening Indications

So far this morning's opening indications are pretty mellow, there's confirmation in all averages except the DIA which is seeing a more negative underlying tone. The SPY confirmed which wasn't much of a job and found some small 3C support right at the morning lows at yesterday's close, the Q's are nearly perfectly in line INTRADAY and the IWM looks like it has a slight 1 min leading position.

 DIA intraday 1 min

IWM intraday 1 min, the DIA looks the worst on the open, the IWM the best as far as underlying trade.

Since 8:30 (I wonder why-Drgahi?) the USD/JPY has been in near perfect correlation with ES/SPX futures, it does have a 1 min negative divergence, however the $USDX still looks fairly strong. This is in response to the EUR/JPY selling off , actually the Euro as the ECB did exactly what most would expect, NOTHING and exactly what most ECB/Draghi watchers would expect, Draghi trying to jawbone the EUR lower without actually doing anything as all rates were left the same, he did throw out some mention of QE in terms of the council "reflecting" on the structure of QE...

The half-life of Draghi jawboning is very short so I'd pay some attention to the Euro, if it starts to strengthen it's likely the USD will start to sell and thus the USD/JPY and likely ES start to come down a bit.

USD/JPY not looking that inspiring right now, but until the EUR's slide on Draghi's QE comments, halts, it should remain the leader of the 3 carry trades.

Gold came down as expected yesterday, 

"Just a quick note, despite the gap in NUGT and GLD/UGLD (as the market has been ruthlessly filling gaps the last 4-5 years), I have NO intention of letting go of either long position."

I think if you like either the GLD or GDX this will be an opportunity, I'll let you know where it looks like a decent entry.

FXP took off to the upside a bit (I'm still loving this position long) as China's HSBC Composite PMI came in at 28 month lows, making the FXP pullback/Channel Buster the perfect entry.

FXP popping out of yesterday's triangle coming to an apex, this should be a nice upside move and will be treated as a TREND position until/unless there's a reason not to.

I'm going to be watching VXX very closely in front of the NFP, you likely saw Initial Claims missed this morning and ADP missed yesterday (although ADP is the noisiest, to me...most useless data series out there).

It looks like some intraday charts are already moving to some different positions so I'm going to go back to watching an updating anything interesting as this morning's opening confirmation was FAR from interesting.

Some of you have written asking about a SPX head fake move, you have the concept, this would be the perfect place for one and judging by yesterday's signals, looks a lot like one.