Tuesday, 20 January 2015

11am update - it remains messy

US equities remain pretty choppy, with some short term weakness.. although notably not reflected in the VIX.. only a touch higher in the 20.90s. Metals continue the climb, Gold +$16, whilst Oil continues the slide... -3.9%.


GLD, daily


*Gold is higher by around $150 since early November. Not surprisingly.. many are boldly calling a floor.. with giant upside by year end. Yeah... the same posters... who said the same thing at the start of 2011, 12, 13, and 14.

As for equities... it would increasingly seem today and tomorrow will be mostly chop... ahead of the giant step forwards for the ECB.

I simply can't imagine Draghi not launching some kind of t-bond buying program this Thursday. I realise some believe he will disappoint but then the question is...

WHY would the SNB decouple.. if not for the looming QE ?

 Notable strength, miners, GDX +3.7% @ $23.00... next level is around $25