Friday, 7 November 2014

11am update - just another set of new highs

US equity indexes break another trio of new historic highs in the Dow, Trans, and sp'500 (2032). There is notable strength in the precious metals, Gold +$20, with Silver 1.6%. This is helping the miners, GDX +5.8%.



New highs in 3 indexes... price action is much like yesterday. We're in algo-bot melt mode.

VIX looks floored in the 14/13s.. and is still suggestive of at least a move to the 18/20 zone, but overall, there is ZERO hope of anything significant for the bears.

No doubt, the BoJ are buying up the market this morning. After all... what else would they do?

As for the metals.. its merely a bounce. The Gold floor was taken out last week, just how stupid are people to already have forgotton that? Ohh, thats right, they are the gold/silver bugs.

GLD, daily

*I'm considering closing out an index short at the top of the next up wave. A 'sacrificial bear capitulation' on my part, just might be what is necessary to turn this market around.

11.25am.. Closed out an index-short...

Best attempt to maximise loss, sp'2033.

I can only hope - for the rest of the bears holding out, it is enough of a sacrifice to turn this market lower next week.

  no positions.... done for the year (probably)