Monday 9 February 2015

10am update - opening minor weakness

US equities open a little lower, but there is already the first sign of the broader underlying strength as seen across much of last week.  Metals are holding moderate gains, Gold +$2, and Silver +1.6%. Oil is +1.6% on OPEC comments.


sp'60min


Summary

So... a little lower to start the week, but it would seem the market is going to need some further 'spooky' Greek news to knock things far lower.

On balance, it'd just seem a case of whether later today... or early tomorrow, for the next bad news to cross the news wires. I sure don't see sp'2060/70s in the immediate term.
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Notable weakness, TSLA -1.4%... ahead of Wed' earnings


I'm suspicious of 250/260 being hit on earnings this Wed'. Clearly though, the 200dma around $228 needs to be broken first.. before any hyper-gains are viable.

Airlines are weak, UAL -4.9%... as Oil holds above the $50 threshold. Much like the precious metals, I don't see $43 as a key low, not least with the USD likely to continue climbing in the months ahead.
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10.18am... SHORT SLV from 16.35.

Its more of a tactical position, that my usual 3-5 day swing trade. In any case.. its met my buying target... I'll take it.

Now.. I really will be getting back to bed....

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back at 12pm... or 'sometime later'