sp'60min
Summary
So...a mere 7 trading hours after we were in the 1815s..here we are..with the threat of a daily close in the 1840s..which would no doubt really nail the bears for the rest of this week.
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Notable weakness: Gold -$12, and that is harming the miners...GDX -2%.
As I will keep saying about the mining stocks...it won't matter whether sp'2000..or 2500. If spot gold/silver prices are low...the mining stocks are NOT going to be part of the broader market rally.
My Gold target remains 1050/950...very viable in the months ahead.
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Next soft resistance is 1842, but hey...with the daily trends turning back upward....it really doesn't matter if we see a few hours of churn of 5-10pts.
3.10pm. miners continue to slip... GDX -2.5% @ $22.10..and sub' 20s will occur when Gold breaks the June 2013 lows.
3.21pm.. sp'1838...a nasty market for the bears....a daily close in the 1840s would really smite those who once again got 'lost in the bearish hysteria'.
VIX told the tale..and the question needs to be asked...will we see single digit VIX in the current multi-month ramp..before the next intermediate top?
3.33pm.. TSLA bears getting nuked.... +15% @ $161... I think 170 will clarify the doomer downside is off the table for that one.
Main market...a daily close in the 1840s..would be a massive victory rebound for the bull maniacs. VIX sure confirms it.
3.45pm.. Look for a VIX knock lower into the 11s...in the closing minutes. A daily close in the 1840s..very viable now. What a rebound day. almost an exact mirror of yesterday.