11am update - minor weakness

Equities are seeing just a touch of weakness, but which is a natural retracement of the recent gains. There is a gap around sp'1900 that just about everyone should be aware of. Market will have a high chance of closing May at/above the 1900s. Metals continue to slide, Gold -$7


sp'60min

GLD, daily

Summary

The action in the metals is certainly more interesting than equities. With Gold breaking support yesterday..there is nothing but empty air below.

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It is notable that VIX is STILL in the 11s...and if you believe sp'1940..or higher..then VIX 10s...if not single digit VIX is coming in June.

Perhaps that will be enough to fully capitulate most of the remaining doomer bears.
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Notable weakness: drillers...declines are building in DO, RIG, SDRL The weekly charts are starting to look suspect, esp' DO (Diamond)