Wednesday, 11 November 2015

12pm update - murky bearish skies

US equities remain choppy - much like the previous two days. Price structure is an increasingly large bear flag.. which is suggestive of the 2050/40s in the next wave lower. The sp'2020s remain the most natural level for the market to floor next week. Oil is notably weak, -2.4% in the $42s.




*the weakness in Oil is going to put some degree of downward pressure on the market for the remainder of the year.

.. but then, I see lower energy prices as bullish. Or maybe you'd like to pay more for gasoline and your domestic fuel?

Hard to call whether we'll close marginally higher.. or lower. There are certainly some strong decliners today in commodity/energy land though...

Nat' gas, CHK -4%
Coal miners, CNX -8%
Oil/gas drillers, RIG, -4%, SDRL -8%

FCX -6%, lower for the sixth consecutive day.

Apache (APA), -6%, as takeover chatter cools

Here in London city...

Not exactly inspiring, at least another five months until its warm and bright again.

VIX update from Mr T.

time for lunch