Friday, 8 January 2016

2pm update - continued chop

US equities remain in minor chop mode, with the sp' trading around 1940, along with VIX 24/23s. Considering the failure of the pre-market gains, and the declines this week, renewed weakness into the close looks probable. Metals are broadly weak, Gold -$10, with Silver -2.5%. Oil is -0.7% in the $33s.




Not much to add.

A lot of chop, and considering the good jobs data, the market is simply unable to muster any sustained buying at these levels.

We're still on track for the 1920/00 zone, but that clearly looks out of range until next Monday.

Indeed, consensus is for a turn early next week.. with first chance of sustained upside.

2.28pm.. the market is seeing renewed weakness again. A break <1930 looks very viable... and that'll give a fair few of the cheerleaders on mainstream TV a good scare.

After all, the jobs data was okay.. how could the market be falling still ?

A case of 'rats selling into the weekend' looks underway.