Tuesday, 3 November 2015

2pm update - 22pts away

The sp'500 is a mere 22pts (1.1%) from breaking the May historic high of 2134. The hyper-ramp from the Sept' low of 1871 is now 241pts (12.9%).. having taken just 26 trading days. Truly... incredible. Meanwhile, as the market becomes hyper confident... the metals are imploding, Gold -$18, with Silver -1.1%.


GLD, daily


The downside action in the metals is increasingly strong.. as support has been decisively busted.

First target for spot Gold is the $1100 threshold.. and then the multi-year low of $1072... after that... the giant $1K threshold.. which would seem probable by year end.. if the Fed raise rates.

Not surprisingly, the miners are under pressure, GDX, -1.4%..

notable strength in Oil, +4.2%... ahead of the next pair of inventory reports. The daily/weekly cycles are back to bullish, but with the supply issue 100% unresolved...  it seems like a risky long.