Friday, 26 February 2016

10am update - opening gains

US equities open moderately higher, and unlike yesterday, having put in a daily close above the 50dma in the sp'1950s, the current gains are arguably less shaky/unreliable than yesterday. It would seem to merely be a case of whether we close in the 1950s, 60s.. or the very viable 1970s.




*VIX opens in the mid 18s... reflecting the 'everything is fine again' market complacency.

.. and no.. I don't think the opening VIX reversal candle is anything for the equity bulls to be concerned about. 

A fair bit of equity price chop seems likely today.. not least as the market will still tend to want to consolidate after the Wednesday reversal. What should be clear, having now broken into the 1960s... 2K is well on the way.

notable weakness, miners, GDX, daily

Gold and the related mining stocks look highly vulnerable across the next 2-3 weeks, before the next powerful push higher. Primary upside target is $25/26.. by late April/May... along with Gold $1300.

time to shop... back soon