sp'60min
GLD, daily
Summary
There is a lot going on today..kinda hard to keep up!
We've certainly seen yet another weak morning..but we do appear to have formed a floor around the usual time of 11am.
Equity bears should be - as ever, keeping in mind that QE does indeed continue, with sig' QE due tomorrow.
*I'll add that even if the Fed do taper'2 next Wednesday, we're still left with around $60bn a month, which is an annual rate of $720bn..not exactly to be dismissed yet, is it?
--
time for tea!
12.29pm... Dow re-testing the earlier floor in the 16170s.
Lets be clear, equity bears need sp' <1815...and Dow <16174, only then can they justifiably start to suggest something new has started.
12.43pm... a fractional break <16174...only to see another micro bounce.
Mr Market is likely just teasing the bears..as it as done..incessantly since the Oct'2011 low.