Friday, 20 May 2016

11am update - moderately higher

US equities are holding moderate gains, with the sp +14pts @ 2054. VIX is naturally in cooling mode, -4% in the mid 15s. With the USD +0.1% in the DXY 95.40s, the metals are under a touch of pressure, with Gold -$2.. and that is dragging down the related mining stocks.




OPEX by definition tends to be increasingly choppy.

A daily close >2060 looks unlikely. Instead.. its merely a case of whether 2050/40s, or if the rats sell into the weekend.. with the 2030s.

Either way.. the bigger weekly equity/VIX charts are pretty clear.

notable weakness... miners, GDX, daily

Even a bigger retrace to the $19s will do little to negate what is a massive bullish breakout since the Jan' low of $12.40.

time to cook