Friday, 12 December 2014

10am update - opening reversal

Equities open lower, but there is a reversal from the open, not least reflected in the VIX swinging from 20.67 to 19.04. Oil remains under severe pressure, -2.0%. Metals are cooling, Gold -$3... despite a weak USD -0.5%.




So... opening declines, but a clear reversal underway.

The only issue is whether it will reverse some time after late morning.. I would guess.. yes, but for those day traders out there.. they'd surely already have bailed at the open.

The 'natural' target remains the giant sp'2000 threshold, where the 50dma is lurking.

Notable strength: Nat 'gas +2.4%
sp' -3pts... 2031....  VIX 6% in the 18s....  a real fail for the bears.. worse than Tuesday!

10.13am.. Opening reversal itself is failing.

Very dynamic price action.  Bears need to push here.. break a new low.. along with VIX 21s.

Precious metals starting to follow Oil... Gold -$8... miners... following, GDX -1.2%

10.18am.. complete failure of the reversal... new lows... VIX turning positive.