Wednesday, 2 April 2014

10am update - opening chop

US indexes open a touch higher, but are somewhat choppy. There is significant probability of a retrace of the recent 1842/87 wave, perhaps slipping to sp'1870/65. Metals are showing some opening strength, Gold +$11, whilst Oil is weak, -0.1%



*awaiting factory orders data at 10am

Transports especially strong..+0.5%

So...barring a move above the opening high of 1887, I'll be looking for a two day minor retrace, back to 1870/65..somewhere around there.

I'll consider going that point, but not today!

What I won't do...since new index highs, I won't attempt any re-short...pointless.

10.01am.. Factory orders, +1.6%...reasonable.

Indexes look as though they want to sell least a little.

10.13am.. market is stuck at 1887....looks like we will see that retrace.

10.30am... 1888...hmm...well, I ain't chasing it higher.

Notable strength: GDX +2.9%, helped by Gold +$11