11am update - increasingly bearish skies

US equities remain broadly weak, with the sp'500 having decisively broken the rising trend from Feb'11th. VIX is +7% in the 18s. Even the precious metals are struggling, Gold u/c, with Silver -1.5%. Oil remains under pressure, -3.2% in the $36s.


sp'60min

GDX, daily2

Summary

re: miners. Precious metals are holding up relatively well, but cyclically, are also due a retrace. GDX is offering a rather strong bearish candle so far today...  target are the mid 17s, and I realise that is a considerable way lower.
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As for the broader market, a marginally interesting morning, but overall, bears are now setting up for a short term cyclical low ahead of the ECB.

notable weakness...

CHK -18%, talk of bankruptcy back on the rise.
FCX -11%, stuck under the 200dma
SDRL -18%... as last Friday's hysteria evaporates

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Here in London city

This is not the sunny sky I was seeking. Urgh.
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time to cook