Friday, 21 November 2014

11am update - holding gains

US equities are comfortably holding moderate gains, with the sp'500 having hit a new high of 2071. VIX is in classic melt mode, with the 12s seemingly likely by the close. Metals are holding gains, Gold +$9, which is helping the miners, the ETF of GDX +2.3% in the low 20s.



*note the upper bol' on the daily.. 2078.. that would be best upside case for today.

With new historic highs, the notion of some kind of strong late day sell down seems highly improbable.

Indeed, why would we not see further grind higher into the weekly close?

With the Chinese and European central banks taking action.. (with no doubt.. much crazier stuff to come)... there seems no point in anyone attempting short side trades.. at least until we're in the low sp'2100s.

Notable gainer... the giant miner FCX +4.2%....

A clear break of the down trend from July... next target  $30.50, then $33s

time to shop... back soon