Tuesday 18 November 2014

10am update - mixed open

US markets open mixed, but with a notable new historic high of sp'2048. Metals are higher, Gold +$6.. but cooling as the USD is trying to claw back higher. Energy is weak, Nat' gas -1.3%, whilst Oil -1.1%.


sp'daily5


R2K, daily


Summary

So.. the algo-bots manage to wash out the stops around sp'2045/47... but the other indexes are not breaking new highs.

The two leaders - Trans/R2K, look vulnerable, with the R2K turning negative MACD cycle, for the first time since mid Oct'.
-

Overall, its still pointless for equity bears to be getting involved in this... even if you believe a moderate retrace is due before year end.
-
Notable strength: GDX +2.3%... $19.90s.... near the old broken floor from Dec'2013
-

10.01am.. Housing market index 58.. vs 55exp.

Naturally, this 'confidence' is seen as super bullish for the broader housing market... even though a long term chart would look dire.. with very little recovery since the property bubble blew up in 2007.
-

Eyes to the USD... if it turns positive today, that will be an issue... currently  -0.26%...
-

10.22am Notable weakness, BABA -2.8%... breaking the up trend from mid October. 


10.40am.. market cooling.... no one wants to buy >sp'2050... urghhh    VIX set to turn positive.