10am update - minor weakness

Good morning. Equities open slightly lower, but with the momo stocks already pushing higher, the bears just don't look strong enough to break a C wave lower - as some are still seeking. Metals are sharply higher, and testing the old broken floor, Gold +$22, Silver +2.5%.


sp'60min

Summary

There is actually a lot going on already, most notably in the momo stocks, where there is some significant volume (as far as I can tell).

TWTR is leading the way, +4% into the 51s. Clearly, a lot of short-stops will have been hit, and some chasers are coming in now. It remains bizarre of course..since the company makes no profit..but hey..its the new economy right?
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As for the metals...

GLD, daily

The metals had better keep pushing higher for the rest of this week..or there is high probability of a simple back test of old support..before renewed weakness.

Downside targets remain GLD 110, with SLV 17