Thursday, 3 December 2015

2pm update - the wild action continues

US capital markets continue to see some rather wild price action. Now its a case of whether a close above.. or below the 200dma of sp'2064. USD continues to weaken, on any basis, a rather severe drop of -2.0% in the DXY 97.90s. Gold +$11. Oil +3.0%.


TLT, daily


*again, I want to highlight the bonds.. adjusting to a near certainty of higher int' rates.

TLT -3.1% in the $119s... first soft target is 110.. by mid/late spring.

So much for the earlier spike floor hope of sp'2058.

The 2.30pm time offers next opportunity for a floor/turn. 

Those currently short.... are getting a chance to tighten stops... ahead of OPEC and the monthly jobs data.

re: Oil....

Oil is still battling to break AND hold above declining trend. Right now.. its marginal.. oil bulls should be seeking the $13s tomorrow. Cyclically.. the pressure is turning UP.

Finally... for those who think I am crazy bullish... here is the most bearish chart out there...

Trans, daily

Not pretty... not least for what is often, a leading index.

2.42pm.. sp'2104 to 2044....  60pts.. 3%.. in just 2 days...