Wednesday 20 February 2013

10am update - morning weakness

The mood seems a little different today. Market is only fractionally lower, but..after yesterdays little burst higher, we really afe getting a little maxed out. Metals are getting slammed again, and are now approaching the lower support on the weekly/monthly charts. Higher dollar is not helping!


sp'daily5



GLD, daily



SLV, daily


Summary

We have the FOMC minutes later at 2pm, and no doubt that will have a serious bearing on how we close today. I actually think we have a shot at closing a little lower.

Metals remain consistantly lower. We'll soon see if that lower channel - of a giant bull flag from September 2012, is going to hold.

A failure of that, and metals could spiral lower. I'm guessing support will hold though.

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*GRMN, getting whacked after earnings significantly miss!

see story @ Forbes


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