1pm update - micro moves

The main indexes remain in minor-chop mode, with the sp'500 holding above the key channel line, in the 1690 area. Metals are mixed, whilst Oil is holding slight gains. Underlying price pressure remains to the upside.


sp'60min

Summary

Yes, we're close to breaking the channel..by merely trading sideways.

Problem for the bears remains the smaller 5/15min cycles are arguably floored, there is QE, and I still feel the bears are 'powerless'.

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SLV, minor down cycle...and its back -18 cents

Hmm.


1.33pm.. SLV'60min

I like SLV in the 19.40/35 area..but that sure doesn't seem viable today.

A gap lower at the Wed' open..and then major reversal?

Yes, right now, that'd be the trade I'll take.