2pm update - afternoon churn

US equities are holding moderate gains, with the Dow and sp'500 having broken new historic highs. The higher USD is naturally pressuring commodities, with Gold -$15, and Oil -1.2%. VIX remains cooling, -5% in the mid 11s.


sp'60min

GLD, daily

Summary

*price structure on the metals remains a very big bear flag.... a wash out into year end looks... probable. If correct, that would be bearish for miners.
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So.. we're back to some minor price chop... but with underlying upward bias.

Its still possible we'll close today in the Dow 18000s, but regardless... the jobs data was (on any basis) very good, and the macro picture looks favourable into next year.

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The oil/gas drillers are bouncing.. after new lows in the morning... RIG/SDRL are both higher by around 3%.. but remain lower since the summer by around 70%.