Wednesday, 11 November 2015

1pm update - holding within a big bear flag

US equities are a little higher, with the sp +4pts @ 2085. Sustained action in the 2090s looks unlikely, with threat of a marginal net daily decline. Commodities remain under pressure, Gold -$4, with Silver, -0.9%. Oil is having major issues, -2.3% in the $42s.


GLD, daily


*metals/miners remain broadly weak... there is nothing good there...  but then.. I'd guess Hemke and other gold bugs are still bullish. What else could they be?

So.. another micro wave higher.. and we're positive again.

Without question though.. price action is broadly subdued.. and it seems just a matter of when the next break comes.

I'm guessing we'll see a sig' net daily decline tomorrow... with a key break under the 200dma of sp'2063... and perhaps a net daily close in the 2050s.

The 2020s look viable next week.

back at 2pm