Whilst US equities open with some moderate chop, the more notable action is in precious metals. Gold has decisively taken out the Nov' 2014 low, currently -$24, with Silver -0.6%. The related miners are naturally getting destroyed, with the miner ETF of GDX -5.7%... well below the crash low of Oct'2008.
*it is too hard to resist to begin the day with a little bash against the gold bugs, who remain the most twisted group of investors (and I use the term loosely).
Typically, the gold bug has been buying ALL the way down from the $1900s.. and has a portfolio consisting almost entirely of mining stocks. Most of the latter have lost 85/90% since the 2011 high.
No doubt.. some of the bugs will be buying today... all I shall say is... good luck with that.
As for equities... market remains looking tired... we're due a retrace. A moderate net daily decline would seem reasonable to target.. and that would set up increasing weakness across tomorrow and Wednesday.
Prime exit zone remains the 15/16s, but certainly.. the big 20 threshold looks out of range in the near term.