Thursday 21 May 2015

1pm update - the fearless market

US equity indexes are moderately higher, with the sp'500 just 0.1% away from breaking above yesterdays new high of 2134. Price action remains bullish, if somewhat choppy.. ahead of the long 3 day holiday weekend. Metals remain weak, Gold -$6. Oil is holding powerful gains of 3.6% in the $60s.


VIX'daily3



GLD, daily


Summary

*Gold remains close to losing the $1200 threshold... certainly, price action favours the bears into the Friday close.
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Without question, this is one hell of a complacent market, not least as Greece continues to teeter on the edge.

It should be clear that a GREXIT is possible at any point this summer, but for now.. the market simply does NOT care.

*as noted by Mr T earlier, there are certainly some who are picking up VIX crash-protection.
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notable strength: oil/gas drillers, RIG +3.7%, SDRL +8.1%

time for some sun.... back at 2pm