12pm update - bears are still weak

Despite the opening gains failing, the bears are still weak. The primary trend remains to the upside, although yes..price momentum is cooling down. Precious metals are weak, along with Oil, -1.4%.


sp'60min

Summary

The near term issue remains...is sub'3 even complete yet?

Considering the price action, I'm still guessing...no.

Best guess remains, we max out either early next week (pre FOMC)..or the FOMC will cause a sub'4..and then market maxes out early August.

Regardless, this sure ain't looking bearish this week.
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*I am long SLV, and its mildy annoying right now. Baring some bizarre late day ramp, I'll look to hold into late Thursday morning at least.

Hourly charts are offering a possible bull flag though, and the weekly charts for Gold/Silver are suggestive of much higher levels in the near term.


VIX update from Mr T.



time to shop...and cook !


12.37pm... sp -0.4%... can you hear the bearish hysteria talk yet?