Wednesday, 2 April 2014

1pm update - afternoon chop

US indexes are holding moderate gains, with the sp' battling to hold the 1890s. Metals are showing some significant gains, Gold +$10, with Silver +1.1%. The miners are naturally doing well, GDX +2.7%. Oil continues to see minor chop, and remains somewhat weak.



A retrace? Ohh yeah, its gonna happen, but it might be from the low 1900s, rather than here, and I'm not going to play guessing games on the short side of this.

At best, we might pull back to the 1870s...but hey, if we just keep rising to 1900/10..the retrace might itself only be to back test the old micro double top of 1883.

Regardless, I'm content to watch this nonsense today..from the sidelines.

Besides, I've plenty else to do.

1.32pm... rolling over...with the hourly cycles set to turn somewhat bearish near the close/early tomorrow.

1.45pm.. sure looks like we're rolling over...and hourly charts look okay into tomorrow.

Even the VIX is green, +1% at the glorious height of 13.20s