US equities remain in chop mode, around the sp'2000 threshold. There is moderate threat of a test of the 50dma (sp'1980s) in the near term, but broadly... new cycle highs >2022 look due. VIX is relatively subdued in the 17s. Metals continue to build gains, Gold +$11, with Silver +1.5%.
No doubt the Gold/silver bugs will be very pleased with today.. and there are clearly bullish technical signals starting to go off.
However, the weak USD is clearly a primary reason for the current wave higher... and unless you are of the 'omg, the dollar is going to zero' crowd.. the metals remain broadly weak from 2011.
As for equities.. little to expect from the rest of today. Underlying momentum is turning back toward the equity bulls, and the sp'2030/40s remain viable by the weekend.
notable strength, the miners, GDX +4.8%... not surprising.. considering the gains in the precious metals.
back at 3pm