Tuesday, 6 January 2015

10am update - vulnerable gains

US equities open a touch higher, but the gains look highly vulnerable to failing. Metals are continuing higher, Gold +$5. Energy prices remain weak, Nat' gas -1.7%, with Oil -1.5%



*awaiting a trio of econ-data

PMI service 53.3, a touch below expectations.

So... we're a little higher, but this is nothing for the equity bull maniacs to get excited about.

Market looks set for another wave lower today.... although it might merely get stuck at yesterday's low, forming a double micro-low of sp'2017 or so.

Notable strength: miner ETF of GDX +1.7%, making a play for the $20 threshold

10.01am.. ISM  56.2.... moderately poor... market slipping

10.03am.. Seeking to go long the R2K.... target is 1175/73......

10.15am. Long the R2K from 1176...  will hold into late Friday.

.... now its the waiting game.

Watching clown TV, interesting to see how twitchy the cheerleaders are about ECB QE. They are absolutely desperate for more printing.. and that is with the US indexes a mere 3% from historic highs. Utterly... laughable.