Thursday 6 November 2014

10am update - a trio of new highs

US equities break a trio of new historic index highs, in the Dow, Trans, and sp'500 (2025). Even if a retrace begins from today, it does not negate the huge achievement the equity bulls have managed since mid October.


sp'daily5


Summary

Suffice to say, new historic highs in no less than 3 indexes, that is extremely impressive, the broader ramp from Oct'15.. continues.

Equity bears need a daily close <2000, and that sure looks unlikely today.
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Metals are vainly trying to bounce, Gold +$3, but the real action is in the miners.

GDX, daily


A bounce.... is all it is. With Gold having lost the $1179 floor last week, there is EMPTY air until the giant $1000 threshold.

... if you believe Gold $1000, then you can knock off another 25/35% off the miners.


10.04am.. Oil continues to get trashed... -2.2%.. and that is pressuring the main market...

Notable weakness, JSDT -10.5% in the $35s.... short miner ETFs having problems on this bounce.


10.19am.. VIX breaks into the 15s... kinda interesting.. but will need 16s to clarify a new up cycle is underway.

Miners remain bouncing.. JDST (3x short)  -11%