Monday, 1 February 2016

2pm update - another hour of churn

US equities remain moderately weak, with the sp -8pts @ 1932. There is viable near term upside to 1950, whilst best case downside is the 1920/10 zone. It would seem highly probable the market is set for a great deal of churn across the month.




Scenario'2 looks on track. If correct, there is little reason for equity bears to get involved until next Wed/Thursday.

.. and next week.. the China market is entirely shut for 'spring festival'.. aka 'year of the Monkey'.

Is Monkey mischievous? Will global equity markets whipsaw higher this summer ?

notable weakness....

RIG, daily

An ugly start to the month, pressured by broadly weak energy prices. Outlook... borderline 'disappear list'... SDRL would like implode first. Price structure is clearly just another bear flag.

back at 3pm... for more chop/churn.