Tuesday, 3 November 2015

1pm update - precious metals increasingly weak

US equities are holding minor gains, having made a new cycle high of sp'2109.. a mere 25pts (1.2%) from the May historic high of 2134. VIX remains naturally subdued in the 14s. There remains increasing weakness in the precious metals, Gold -$15, with Silver -1.1%

GLD, daily


Broader price structure is a giant bear flag.. arguably confirmed by today's declines. Indeed, considering the relative lack of news.. today's declines are rather strong.

Miners holding up relatively well, GDX -0.9%

notable hyper reversal...

ATVI, daily

Clearly, the market thinks $6bn was an absolute bargain buy for KING. It is a crazy move... probably based largely on short-covering. Cyclically, the stock is on the high end.

*ATVI has earnings at the close.

back at 2pm