Thursday, 6 March 2014

3pm update - churn into the close

US indexes continue to churn ahead of the monthly jobs data. However, the moderate gains are still notable, and we have the Transports probably within a day or two of breaking new historic highs. Metals continue to slowly build gains, with Gold +$13.



*possible baby bull flag on the hourly chart, with first soft support in the mid 1860s.

I'm not expecting much in the closing hour. Market is obviously in a holding pattern ahead of the next jobs data.

Even if we do open Dow -100/125pts tomorrow, it'll likely rebound. Underlying price pressure remains so strong, and the weekly charts look powerful into next week.

*I continue to watch DRYS

Kinda interesting, not least with the opening black-fail candle. I'd be tempted in the $3.80s...AFTER the jobs data, certainly not before.

Notable weakness: STX -5.5%