Friday, 6 May 2016

10am update - opening reversal

US equities open moderately lower (pre market low equiv' to sp'2034).. but have already seen a reversal to the upside. With the jobs data uncertainty removed, the VIX has already swung from the 16.50s to 15.40s. Metals are battling to hold a fear bid, Gold +$10, with Silver +0.2%.




So much for the pre-market declines. Who the hell is buying right now?

Underlying price pressure on the bigger daily/weekly cycles remains increasingly negative, and a further swing lower seems probable.

Clearly though... the bull maniacs are still very content to buy in the sp'2030s.

*I'm still seeking a break into the sp'2020s, but right now, that sure doesn't look as easy as it did 40mins ago.

Meanwhile... from the ministry of lies...

'Its a pretty solid number' - Perez.
notable strength, miners, GDX, daily

It remains the case that the metals/miners are trading almost perfectly inverse to the broader equity market.