Friday, 22 November 2013

11am update - underlying upward pressure

A quiet end to the week, but equities are seeing the underlying upward pressure show through. A weekly close in the sp'1800s is viable. Metals appear weak, Gold +$2, and Silver -0.3%, much lower levels look likely next week. Oil swings lower.. now -1.1%


SLV, weekly'2, rainbow


*lower bol' on SLV, offering a clear $1 lower in the immediate term. I expect the June lows to be taken out...and that applies to the miners..via GDX.

Rest of the day...looks likely to see chop in the indexes, with a close in the sp'1800s.

*I will hold SLV short across the weekend...seeking the mid/low 18s for my next exit.

Notable strength in UAL

Seeking a break  into the 40s..and then a push to the 2007 double top high of $48