Wednesday, 10 February 2016

12pm update - continuing swings

The sp'500 has naturally seen a reaction in the 1880/90 zone, already retracing back around 1.2%. Broadly though, a net daily gain still looks probable, with further upside into next week. Metals are mixed, Gold +$6, whilst Silver is u/c. Oil is seeing rather strong swings, now -2.5%, back in the $27s




So, despite a net weekly draw, Oil is back on the slide, back to the lows from Jan'20th - when equities were flooring at sp'1812.

WTIC Oil in the teens looks highly probable... the only issue is whether it trades there for just a few days... weeks.. or months. Those seeking sp <1500 this year, are going to need the latter.

As for equities, yes its choppy... but the market has just managed to battle through Yellen, and another oil report.

Unless rising trend - which at the close of today @ 1830 - crucially.. under the Monday low of 1834, is broken... there is little reason to be bearish in the immediate term.

VIX update from Mr T .

time for tea