11am update - on the way up

Opening minor equity chop, and with the soft floor of sp'1840 holding, we're now on the way up. It'd seem likely that we will finally get a daily close in the 1850s, not that it is 'critical'. Metals are slowly building gains, Gold +$5, with Silver +0.5%


sp'60min

Summary

So.. again, a case of opening minor chop, bears failing to break lower. There just isn't any downside power.

Considering the QE today, bulls really ought to attain a close in the sp'1850s.


Notable weakness: RIG, post earnings

I did notice one poster note the ultra long term support floor is in the low 20s. That of course is a further 50% lower..which is frankly a bizarre thought. Regardless..having failed to hold $47 some weeks ago, this is a busted stock.

I'm still a major fan of the Oil/Gas sector, but right now...it is completely unloved by Mr Market. If the broader market gets whacked lower this summer, then RIG..along with the others..will be considerably lower.

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back to the Yellen....