Wednesday, 3 February 2016

2pm update - spiky floor candles and strong miners

Seen on the smaller hourly equity cycle, there are at least a trio of candles offering the early sign of a floor from sp'1872. VIX remains +5% in the low 23s... and if the market can rally into the close, a net daily decline is just about viable. USD continues to fall, -1.9% in the DXY 97.00s.


UUP, daily


Rest of today will be rather interesting.

From a pure cyclical perspective, we're set to hold the 1872 low.. and then battle upward into the close... and all the way across much of next week.

Target is effectively a 5% swing from the 1870s to 1970s across 6-8 trading days. Considering the ongoing price action, that is VERY viable.

notable strength...

AA +7%... but still in the $7s.
FCX +9%.. but only in the 4s


With the USD on the decline... precious metals are naturally on the rise..

Gold +$14, with Silver +3.4%

The related mining stocks are following..

A clear break of trend, with GDX +6.5%.. one of the best moves since last August.

stay tuned !

2.30pm.. sp +4pts @ 1906... and even I'm surprised at the power of the turn.

Never fails to surprise... or disturb me.

VIX turns negative.. already!