Monday, 16 November 2015

2pm update - clear turn?

US equity indexes break a new intra high of sp'2041, having swung from an opening low of 2019. Regardless of the exact close, until a daily close >2060, there is not yet full clarity on a key turn... although today probably was it. Metals have lost most of the opening gains, Gold +$2, with Silver +0.1%. Oil has swung to +1.2%.


GLD, daily


*a clear black-fail spiky candle on the Gold daily chart. Broadly, much lower levels look due into next year. The low of $1072 makes little sense as a key multi-year low.... $1000 looks due. As ever... if correct, it will drag the related mining stocks lower.

So... was this morning a key low?

Personally, I don't much like it... but then.. I'm just not in the mood to hit buttons today... other than the publish key. I guess you could argue I'm overly twitchy on Oil affecting the broader market.

notable weakness: airlines, DAL -2.5%, UAL -1.5%.. the 'French event? The upward swing in Oil can't be helping either.

strength: AAPL, +1.4%... having swung from -1.3% or so at the open.

back at 3pm