Wednesday, 1 July 2015

2pm update - a little chop

Equities are seeing some minor chop, having cooled from sp'2082 to 2069. Equity bears should be seeking renewed weakness into the close, back under the hourly 10MA.. which will be around 2071. With the USD +0.8% in the DXY 96.20s, commodities are under increasing pressure, Gold -$3, with Oil -3.8%.


UUP, daily2


*I'm still unclear as to whether a mid term floor is in for the USD. If the Greek drama can cool down across July and into August, the USD might yet cool back lower.. but its looking less likely.

Broadly, there is little reason why the market won't cool into the close.. and across tomorrow.

Despite the normal issue that trading volume will be light.. the Greece referendum is a significant issue, and I would expect some of the rats to sell into the weekly close.

notable weakness: CHK, -4.8%.. as energy prices slide.

another hot day in the city... 95f.. with no aircon... urghh

A good day to fly to Iceland

stay tuned