Thursday 30 October 2014

12pm update - choppy, but weak

US equities continue to see minor chop, but there is weakness out there. With further declines in the precious metals, there is sector destruction in the miners, the ETF of GDX -5.4% in the 18s... headed for 15/14.


sp'15min


GDX, daily


Summary

*the action in the metals is getting close to initiating a crash wave. The June 2013 floor was Gold $1179. A break under that will open up the giant $1000 threshold... next month.

If that is the case, most miners will fall a further 35/50% in the near term.
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As for main market... so long as we don't break >1991... price structure is a bear flag... targeting the low 1960/50s.... tomorrow.

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VIX update from Mr T. (date is wrong... but it is today's)


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time for lunch
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12.17pm...I was looking for a micro double top  yesterday around 1990.. and we now look set to get one by 2.30pm.

Oh well, I won't complain...but I sure want to see the low 1960s tomorrow.. for a monthly close.

Notable weakness, INTC, -3.5%...


12.35pm... Double top... sp'1989... almost there.     Looking for this to level out...

VIX -3% in the 14s...