Friday, 3 October 2014

10am update - opening gains

US equities open with borderline significant gains, after the monthly jobs data placates the market. Equity bears must hold <sp'1970, or the daily downward trend will be broken. The USD is soaring, +1.1%, metals are reacting... Gold -$17




Well, this is certainly a rough start to the day for those holding short overnight.

For the bears, the VIX is the even bigger concern... back in the 14s.

Seriously, is that it? Are we really going to just climb from new highs?

'most' of the gains had better be reversed today, or it will be a lousy end to the week.

10.02am.. With the metals on the slide.. the miners are naturally getting slammed...

GDX -3.7%.... set to break the 2013 lows.

10.06am.. Declining resistance... @ sp'1970.... if we break that... bulls will be on the rampage.

10.08am... Either this madness STOPS around 1970.... this morning.... or its white flag time.

Notable strength: huge gains.... DAL +4.5%, UAL +5.4%

Metals still sliding, Gold -$20, Silver -1.5%

10.18am.. sp'1964.... cooling a touch..but really, this is crazy.

Someone pass me a transquiliser!

10.34am.. Indexes continuing to slowly cool... but really... need to see 1950s again soon...this is too close for comfort.

*coal miners/energy stocks remain huge pressure, BTU -3.8%

10.44am.. hourly candle turns red.... sp'1959... 11pts BELOW the critical break level...

If this jobs jump does entirely fail....i'll laugh by end of day.. but still..this is a tough morning.