Thursday, 12 November 2015

1pm update - breaking new lows

US equities are significantly lower, with the sp' in the mid 2050s... along with VIX 17s. A daily close in the 2040s with VIX 18s remains viable. Despite the USD -0.3% in the DXY 98.70s, metals are weak, Gold -$4, and that is naturally impacting the miners, GDX -1.2%. Oil is headed for sub $40s... -2.9% in the $41s.




The US market remains broadly weak, and it should remain a trend day... the 2040s look due this afternoon.

A weekly close in the 2040s won't be easy though.. as the dip buyers are STILL out there. There is notable underlying strength in DIS, AAPL, INTC, and GE. That should be a reminder to the equity bears the broader upward trend remains intact.

notable weakness...

Copper miners, FCX

One of the better miners - Freeport, is significantly lower for the 7th consecutive day... new multi-decade lows ($6.29, Dec' 2008) look due, as Copper prices look set to lose the $2.00 threshold.

back at 2pm