11am update - minor chop

US equities remain in minor chop mode.. ahead of the weekend. A rally into the afternoon is very likely, and that would be enough to push the Nasdaq Comp' to the giant 5k level. Metals are holding moderate gains, Gold +$7, whilst Oil is trading broadly flat.


sp'60min

sp'daily5

Summary

*yeah, I'm late again.
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Right now, best case for the equity bears... the market doesn't make any new highs today,  but really, that is pretty lame.

Underlying MACD (blue bar histogram) is still ticking lower, and at the current rate will see a bearish cross in about two days. So.. in theory.. we should see some degree of weakness no later than next Tuesday.

Retrace downside target remains sp'2065. Anything under 2050 looks highly unlikely for some.... months.

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Notable weakness, CHK, -2.4% in the $16s.... merely continuing to implode.. after recent poor earnings.
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Update from an overly loud Oscar



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back at 12pm