Wednesday, 8 May 2013

10am update - fractional weakness

The main indexes are a touch lower, but it barely rates as noise. Underlying trend looks likely to continue, with latter day algo-bot melt to the upside. Gold opens $17 high, Silver flat, Oil up 0.75%. Oil report due at 10.30am.



No reason to expect today will be any different than yesterday. Very low sellers, a few buyers...fuelled by QE.

Gold, daily

I'm keeping eye on the metals, they still look weak on the larger time frame, but clearly, near term, there is still threat of further upside

UPDATE 10.22am..well, there go the red indexes..back to green, sp'1628.

As I feared last Friday, sp'1630/40s viable by end of this week. All the 'serious' bear money got the kick @ 1597. VIX is flatlining.

Here is a scary thought, how about a year when the VIX never breaks above 20 ? I don't know when that last happened, if ever.

Checked... years where VIX not above 20...     2005.. and 1995.