Tuesday 18 November 2014

3pm update - just another crazy day

US indexes are holding moderate gains, with new historic highs in the Dow and Sp'500. With the USD failing to recover opening declines, the metals have managed to hold gains, Gold +$8.. which has helped the miner ETF of GDX to break/hold the key $20 threshold


sp'daily5


Summary

For those attempting to short the indexes, it is no doubt another extremely frustrating day.

The only real hope for equity bears this week are the FOMC minutes.. due tomorrow at 2pm.

As ever... first key break level would be the daily 10MA.. currently @ 2037... almost 1% lower
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Notable weakness, BABA -2.4%... but then... it has rallied over 40% since mid October.. even a retrace to $100 would not negate that much of the hyper-gains.


3.33pm... micro cycles pushing lower.... 2056 to 54... with VIX making a vain attempt to close flat/fracitonally higher.... seems a stretch though.

Oil remains weak, -1.6%...still seemingly headed for 65/60 zone into early 2015.... but that will be bullish for the broader economy.