Wednesday, 5 November 2014

2pm update - micro double top

US equities are battling it out, with a viable micro double top on the sp'500 of 2024/23. VIX has turned positive, and is making a play for the mid/upper 15s  by the close. Metals remain weak, Gold -$21, with Silver -3.3%. Oil is holding gains of a significant 1.6%


sp'60min


Summary

*awaiting an appearance from King O' at 2.50pm EST.. but then... he is usually late.. so .. lets call it 3.15pm.. yes?
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It remains choppy, but we do hava a valid double top on the sp'500. The fact the Dow broke a new historic high.. that is of course a strongly bullish issue... but hey... I'm trying to look at the collective of indexes... not just one!
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Eyes to the VIX, a close in the 15.50/75 zone would be suggestive of 17/18s by late Friday... along with sp'1980/70s.
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Notable weakness.. TSLA, -2.9%... with earnings at the close