12pm update - weak, but nothing significant

The market fails to hold the earlier low, and the door is now open to the sp'1812/10 zone. Price action though is very muted, and anyone holding short across multiple days will surely still get nailed. Metals are holding gains, Gold +$21, whilst Oil is now sharply lower, now -2.3%.


sp'60min

GLD, daily

Summary

*Until GLD puts in a few daily closes >122, anyone getting excited about some kind of major floor on Gold - or the miners, is making the same mistake they did across ALL of 2012.
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Obviously, with the break of 1833/30, the door is now open to the 1812/10 level.

Price action/market mood though is still very strong to the upside. As noted earlier, the bears have a QE-less window until next Tuesday. After that, the usual problems resume.

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time for tea :)


12.36pm.. market still holding the 1830s..on what is a pretty quiet day. I sure don't see any power on the downside, despite a Dow -135pts. Price action just doesn't suggest anything for the bulls to worry about.