sp'60min
GLD' daily
Summary
*I wanted to highlight Gold, since it is somewhat surprisingly weak today - considering a number of geo-pol issues. Perhaps it is partly due to another Fed taper... reducing interest in the metal?
From a pure technical perspective however.. the break under the 200dma is a real bad sign.. and this has major bearish implications for the miners.
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Its been a very long day.. I'm running on vapour fumes....are we closed yet?
3.01pm... ugly afternoon..... with Dow -270pts.... VIX +24% in the 16.50s.
Critical level in the Dow... - via the monthly charts... 16300s.
If we see Dow 16200s at ANY point in the weeks ahead.. the mid term trend will have decisively broken.
3.15pm.. just ever more nasty... Dow -290... VIX +25%.... pretty wild end to the month.
I see a few bears closing out trades... ahead of Friday jobs...and I'd be highly supportive of that.
3.23pm.. a -2% daily decline, really? Last seen... February...feels like years.
3.30pm.. Dow is breaking below an old key level...
The 200 dma would be a real target after the next rebound.
3.40pm... This is one hell of a way to end the month. A month that was largely 4 weeks of chop within the 1950/90 zone...but failing on the very last day.
VIX intra peak so far.. 16.99... getting close to the weekly 200MA..which remains a major level since late 2011.
3.50pm.. so... what ya think? A particularly bearish end to the month, but.... we're still only 2.75% from the historic high of just last week.
What remains laughable is that people are getting mildly hysterical over a VIX that is still only in the mid teens. That used to be the typical cyclical low!
Short memories....most.
3.52pm.. rats selling into the monthly close....... a rare day indeed.