Despite continued cooling (and it remains very gradual) to a new intra low of sp'1880, price structure remains a baby bull flag.. with the 1925/30 zone viable within a day or two. Meanwhile, the miners are under pressure, with the ETF of GDX -3.9%, making for a new historic low in the $12.50s.
The price action in the miners remains an absolute dismal performance, as Gold itself is actually a touch higher today.
Clearly, the market is still pricing in 'industry capitulation' this spring/summer.
Not all of the famous gold/silver miners are going to be around by end 2016.
As for equities, yes.. its choppy... and remains weak... but I'm guessing 1857 will hold into early February.
notable weakness, TWTR -5.8% @ $16.90.. go tweet that!
2.13pm.. Oil -3.4%.. and that is really putting pressure on the broader market...
sp -7pts @ 1873...
Clown finance TV giving some coverage to CHK, -14% @ $3.04.... on track for total implosion.
Equity bulls got to hold the 1857 low..
For the moment, VIX is showing a major divergence, as it remains well below the recent high of 30.
2.30pm.. Well, its typical turn time...
Messy day... bulls need to hold here.. and push UP into the close.
Oil -3.2%... sure ain't helping. Next inventory reports are Ah Wed' and Thursday (due to the holiday).
2.45pm.. sp'1865.... 8pts from breaking the Friday low. What a trainwreck.... from 1901 to 1865.. another 36pt (1.8%) swing.
VIX 27.50.. still divergent... showing ZERO sign of hyper upside... yet.