Monday, 10 February 2014

11am update - it sure is quiet out there

An especially quiet start to the week, and the indexes appear almost frozen..much like the weather. Precious metals are the one main strength, Gold +$9, with the first break >100 dma since early November. VIX looks stuck in the 15s.


GLD, daily


VIX, daily


Summary

*with the indexes flat, I'll revert back to the usual 'other things'.
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Action in Gold is kinda interesting, but hey, the broader trend is weak, and I'm still looking for the big $1000 level to be tested no later than mid 2015. That seems like a long way out, but really, its not.

I sure see a lot of Gold bugs still touting end 2014 Gold >2k, which frankly, seems crazy, much like the 'hyperinflation, with dollar collapse' mantra.
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If the rest of the day continues like this, I'll end up digging up BDI and CRB charts!

*notable strength: the miners, GDX +3.0%, no doubt helped by the rising metals.