Monday, 2 November 2015

11am update - still looking vulnerable

Despite hitting sp'2093.. a mere 1pt below the Friday high, the broader equity market still looks vulnerable.. with net daily declines very viable. With the USD -0.2% in the DXY 96.70s, the metals remain weak, Gold -$7, with Silver -1.3%.


GLD, daily


Little to add.

Even if a new high is broken today, it will not negate the underlying price pressure.. which is swinging back toward the equity bears.

Market is clearly due a sig' retrace.. and the jobs data (across Wed-Friday).. would make for a natural excuse.

notable weakness: miners, GDX -1.7%.