Monday, 10 August 2015

10am update - opening gains

US equities are building significant gains, with another attempt to break and hold above the sp'2100 threshold. VIX is naturally crushed lower into the mid 12s. With the USD +0.1% in the DXY 97.70s, commodities are mixed.. Gold +$3, whilst Oil remains weak, -0.4%.




Last week was all about repeated rally fails.

This week is simply a case of whether the market can break >2114.

Considering the bigger weekly/monthly cycles.. new highs look very unlikely.

Obvious short-side trades remain AAPL and DIS, having seen extremely decisive trend breaks.

AAPL, daily

Arguably back testing the old (broken) floor... whilst price structure is a bear flag. Bears should be seeking no daily closes in the $120s.  AAPL is certainly a stock to watch.. as an indicator for the broader market direction.

notable weakness: TSLA -1.3%.. as talk continues that every car sale is a loss making sale.

QCOM -0.4%.. nothing significant, but it does standout from most stocks this morning.