11am update - no downside pressure

A bit of a choppy mess in the opening 30 minutes, but Mr Market held the soft support of sp'1840, and is already back in the 1850s again. Equity bears continue to show no downside power, and there is now the threat of a daily close in the 1860s this week. Metals remain weak, Gold -$10


sp'60min

Summary

I would be utterly bemused at any bear getting overly excited at the opening weak chop.

It is the SAME nonsense we've seen for weeks now. A few points down...and that was it.
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With heavy QE tomorrow, so long as Yellen doesn't say something monumentally stupid to the US Senate (such as Gold is NOT a 'relic'), then we'll just keep on clawing higher.

Weekly charts continue to offer the 1870s..whilst the monthly is offering 1900s - and that will jump to around 1940/50 at next Mondays (March 3rd) open.
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stay tuned!


11.07am.. Metals sliding, Gold -$15.  Nothing dramatic..yet, but if it slips back under the 200 day MA, another $17 lower, then it'll be a problem for the gold bugs.