Wednesday 23 December 2015

12pm update - holding gains

US equities are holding gains for a third consecutive day, and the double floor of sp'2005 is fading far below. A year end close in the 2070/90 zone looks increasingly probable. Oil is helping broader market sentiment, currently +3.4% in the $37s. Metals remain subdued, Gold -$3.


sp'60min


GLD, daily



Summary

*With Gartman now bullish, Gold looks vulnerable to $1000 at any time (and that would equate to GLD 95 or so).
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Oil is clearly helping drag the broader market higher. Considering there is a rather clear 8-10% viable upside by mid/late January, that'll give the equity bulls a fair chance of break >sp'2134.

Whether the market can hold that level, or sees a strong reversal... that is the real issue for early 2016.

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VIX update from Mr T



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time for lunch