sp'60min
Summary
So.. as expected, we're set for a gap lower this morning, although its a little more than I was seeking.
Things really only get bearish with a daily close <2080, and I just don't see that likely today.
Equity bears should be VERY mindful of opening reversal candles in the indexes, with a black-fail candle on the VIX ...... especially in the 14.75/15.00 zone.
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Verizon bid $50 for AoL (Tuesday close $42s), although that only gets AoL back to the level from last December.
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China had a third good night.. +1.6% @ 4401. Any daily closes in the 4600s will confirm that 5K is coming.. as early as June, that would make for a very natural mid-term top.
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Meanwhile, I have my eyes more focused on Gold...
GLD, 15min
A re-short in the 114.50s looks very reasonable... considering the broader price structure, which remains a large H/S formation. Target remains Gold $1000... equiv' to GLD 95.
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Good wishes for Tuesday!
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9.32am.. Opening VIX 14.73... right in target zone.... a black-fail candle.. looks due.
9.50am.. SHORT GLD from 114.30s