Happy Holidays

I can tell just how slow it must be on Wall Street just from how slow it is in my email box, maybe 5% of the usual volume of emails from just last Friday.

In any case, most of Europe is either closed today or closing early, which means Europe is closed right now with some uninspired trade.

US markets largely close at 1 p.m. for Equities, we'll likely be shutting down around then. COMEX closes at 12:30, NYMEX at 1:30, CME/CBOT at 1:15 for Equity futures, everything else at 1.

The USD as expected did fall of the $90 level gained yesterday after the 5% GDP print, the Yen as expected did gain and as a result the USD/JPY fell, but nothing too shaking.

USD/JPY falling overnight.

30 year Treasury futures are seeing continues 3C support which started yesterday as they were knocked on the GDP data and the F_E_D boxed in even tighter on interest rate hikes.

As for the other futures...

 All 1 min Index Futures look like this, dull, tight choppy range and no signals to speak of.

The 5 min charts finally do have negative signals through a good part of the week like NQ above.

 Or 5 min ES.

The harsher charts are the 7 min that are deeply leading negative, but from here it's a full house with negatives in 15, 30, 60 , 4 hour, day, weekly and even monthly.

 NQ 7 min

ES 15 min

ES 60 min is a perfect representation of underlying trade confirming the Crazy Ivan shakeout, positive at the break below the range, negative at the break above the range, both head fake moves.


As far as Data, Initial Claims were released this morning and came in 9k better than last at 280k, prior 289k on consensus of 290k. Continuing Claims with a 1 week lag were up +25k.

The EIA Petroleum status is released at 10:30 a.m. with tomorrow's EIaNat Gas released at 12 p,m, today, I'll be covering nat gas.

All markets are closed tomorrow.

We have a very ugly set of charts, I'm just not sure the junior vacuum tubes running today will amount to much, but our head fake/Crazy Ivan move is in and confirmed and by looking at price action this week, you can see the real momentum off the knee jerk since last  Wednesday has all but died this week as underlying trade has fallen apart, it's as if they are just trying to keep things pinned until traders retunrn to work after some extended holidays.

If I don't see you before, I wish you all very Happy Holidays!