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EM Space getting stretched as Dollar plummets- Interm. term bullish, ST overbought

Just after 1pm, Equities have attempted to claw back from early roller coaster-  S&P fractionally positive while NASDAQ still in the red while Small caps and Mid-caps outperforming  while Transports also bouncing back which was IMPORTANT to see on a weekly basis given the Airline bounce-  The big mover however is the Dollar breakdown to the lowest weekly closing level in over 2 years ahead of Draghi at 3pm., while EURUSD gets up to 1.19.  this should be bullish for the metals trade and for EM which has already seen good gains of late, but breadth about 2/1 positive today and S&P still looking more likely to rally-  OVER 2462 however will be necessary to have conviction about a move to new highs.. and for now, indices largely still in No-Man's Land -- Overall, Most of EM space still trending up at a quicker pace near-term than US equities, or Europe for that matter, and Russia- RSX, or Brazil EWZ have recently broken out - Overall, it looks right to have a positive bias heading into next week given this week's Energy, Technology and Healthcare moves, combined with the ongoing poor sentiment -AAII negative (more bears than bulls) along with Equity outflows-  Market definitely needs to be watched carefully.. but for now, selloffs look premature and still right to position long with stops-