Wednesday, 19 November 2014

2pm update - awaiting the fedspeak

It is that time of the month again, another press release from those money printing maniacs at the US Fed. Meanwhile, there is some crazy price action in the metals.. having seen a lunch time swing from -$22 to +$3. Energy prices are holding strong gains. Oil +1.0%

GLD, 5min


Suffice to say... the algo-bots will be ready to snap prices one way or another... real soon.

Considering the bigger daily cycles.. especially those of the Trans/R2K, I am seeking renewed weakness into the close.

A daily close <2039 would make things much more clearer.
Notable weakness, TWTR -2.3%... unable to hold the $40 threshold... looks set for broader declines to around $30... regardless of how strong the market might be into year end.

2.04pm... Twitchy market... USD slips a touch lower.... metals bounce... but still look overall weak.

... watching the cheer leaders on clown finance TV talk about how many times word X or Y was mentioned...... utterly embaressing.... and of course... pathetic.

2.06pm... Wild swing to the downside in Gold... from +$3.. to -$12... in minutes

2.21pm.. Gold  back to flat.... still very twitchy though.

Main market looks stuck.... typical turn time is 2.30pm.. as ever.....

First downside target is a daily close under the 10MA of sp'2040/39.

2.25pm.. baby bear flag on the smaller 5/15min index cycles being confirmed...  weakness into the close... anything <2037 would be a bonus to the bears.