Wednesday, 24 February 2016

11am update - battling to recover

US equities have a provisional floor of sp'1891, with VIX having maxed out at 22.87. Clearly, equities remain broadly shaky, but the bigger weekly cycles are still highly suggestive of renewed upside.. at least to the sp'1950/60s. Gold has seen a fear bid gain of $22.. to the $1240s, with Silver +1.6%.




Well, its 11am.. and the equity bulls really need to push here... and at the very least, hold above the morning low for the rest of today.

I'm still highly suspicious of renewed upside into mid March. I sure don't smell any critical trouble in the immediate term, despite what some suggest.. namely Demark.

Regardless of whether you like the idea of a H/S formation (if extremely slanted), equity bulls now need a daily close back in the 1930s to give some confidence that we'll battle upward for another few weeks.

notable strength, miners, GDX, +4.4%.. as the precious metals are strong.

Here in London city...

time to cook