Thursday, 24 March 2016

10am update - opening weakness

US equity indexes open broadly lower, with the sp' having now cooled from 2056 to the 2020s. The bigger daily/weekly cycles are looking maxed out. Metals are somewhat struggling, Gold +$1, with Silver +0.3%. Oil remains under increasing pressure, -3% in the mid $38s.




*note the VIX hourly candle.... a black-fail...  considering we have a 3 day break ahead... its a probable opening exhaustion high. Equity bears... beware.

PMI serv' sector: 51.0 (prev' 49.8), arguably 'okay', but neither is it anything for the econ' bulls to get excited about.

Even if there is a latter day recovery, its still looking like we'll get our first net weekly decline in six weeks.

Any bounce next Mon/Tuesday will likely result in a marginally lower high <2056.... one to short into.

notable weakness... FCX, daily

Again, its a case where any moderately lower open in the broader market leads to the 'junk' getting smashed.