2pm update - micro churning

Mr Market is more than content with the world. With cheerleaders and analysts blatantly noting that Fed official 'Bullard' will appear as necessary to inspire confidence, there seems little point in any shorts, even for a test of the 50dma.. which is a clear 3% lower.


sp'daily5

Summary

*I generally steer clear of the cesspool that is Zerohedge, but the story of the guest on CNBC (which I watched live) was indeed bizarre viewing

see:HERE
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Market price action remains extremely tight... and market is in classic algo-bot melt mode.. as always reflected in the VIX.. cooling -3% in the low 13s.

A drop to the 50dma still seems likely this month, but the notion of sub 1900s... seems completely implausible.. even if the moon explodes this weekend.

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There remains a notable bounce in the precious metals...

GLD, daily

I've been ground down to pieces in equities.. but if there is one thing that has remained on track across the last few years.. its the decline in Gold.

Today is almost certainly just another bounce. At best.. a back test of the broken floor, before renewed downside into year end. If correct, that will of course mean the miners will follow.