Tuesday 13 May 2014

2pm update - continued churn

US equities continue to see minor churn, with notable weakness in the R2K/Nasdaq. Yet...the market did break another set of new highs today, and the broader trend is unquestionably still to the upside. Metals are starting to slide..Gold -$4.


sp'60min


Summary

*I remain long, via a small index block, will likely hold overnight.
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For me, the only issue is whether the sp' can manage a daily close in the sp'1900s..not that it is necessary today.

A new high is a new high....(ohh gods, am I really starting to sound like Oscar Carboni?).

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Notable strength (my favourite miner)... FCX +1.9%, in the $35.50s.

FCX, weekly


Looks very powerful on the weekly charts.


2.42pm..upside melt...again...a close in the 1900s..looks very viable.

I see a few out there talking about a sig' drop in equities in the immediate term...and I simply am bemused at that...considering ALL cycles are currently bullish.