Monday, 23 February 2015

11am update - market looking tired

US equities are only moderately lower, but the market sure feels tired, having climbed from sp'1980 to 2110 (6.5%) in just 14 trading days. A retrace to the 2060/40 zone remains very viable into next week. Metals have built gains, Gold +$4. Oil remains weak, -3.2%


Nasdaq Comp'


*Nasdaq looks super strong, but it certainly doesn't have to break 5k on this rally.  A pull back to the 4800/4700s is very viable.

Price action remains relatively muted.. we'll surely see much more dynamic moves tomorrow... once the Yellen starts talking to the Senators.

First soft downside target (for tomorrow).. will be the recent low of 2085.

Notable strength: DISCA +8.9% in the $33s... but more on that one later I think.