Monday, 9 May 2016

10am update - opening chop

US equities open with some mixed minor chop, leaning on the positive side. USD is catching some attention from the mainstream, currently +0.3% in the DXY 94s. Metals are sharply lower, Gold -$24, with Silver -3.0%. Oil has swung from sig' pre-market gains of almost 2% to -1.4% in the $44s.




So.. its a bit of a messy start to the week, as Mr Market is pulled lower by China... but dragged upward by the EU markets - especially the German DAX.

Once we get past 11am.. there will be increasing likelihood the market will rollover.. and close net lower.

Clearly, the Friday low of 2039 is now first target. A daily close in the 2020s should give initial clarity/confidence that 2111 is indeed a key mid term high.

notable weakness... miners, FCX, daily

Ugly stock... ugly balance sheet... FCX remains highly vulnerable, next support is around the $10 threshold.. which is another 8% lower.

stay tuned !