12pm update - muted melt lower

The market has got stuck at sp'1838, and it would seem the sub'4 will take at least another day to complete. Downside is the sp'1815/10 zone, no later than early Tuesday. Metals are holding gains, Gold +$12, whilst Oil remains especially weak, -1.1%.


sp'60min

Summary

These retracement waves are often tricky..and it now looks like we'll see further moderate weakness into next Monday.
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Most important though, higher levels still look a given by the end of next week, when everyone should have returned from their festive holidays.
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Notable weakness in the coal miners, BTU -4.0%

A break <$18 would be a real problem.
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VIX update from Mr T.



time for tea  :)

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12.21pm.. UAL building gains, on lower oil prices, now +3.6%


12.31pm.. If Mr Market really wants to confuse people, it'll break >1839. Regardless...the declines are minor..and those weekly/monthly charts are still offering much higher levels.

AAPL, -1.8%, in the $543s.