Friday, 6 February 2015

12pm update - holding above old resistance

US equities are holding moderate gains, but far more importantly... are above key resistance of sp'2064. A weekly close in 2065/75 zone would be very bullish for next week. Metals remain within what is a likely new multi-month down wave, Gold -$35. VIX is melting lower, -2% in the 16.50s.


GLD, weekly'3, outlook


*the metals sure look weak, new multi-year lows look due this spring, and there remains a viable target zone of Gold $900/875 by late summer.. before a key floor is in. No doubt though.. .the Gold bugs will be calling a floor this afternoon, much like the previous 1000 days.

As for equities... we look set to close above resistance... offering the sp'2100s in the current wave.

Notable strength: BAC, +4.9%

VIX update from Mr T.

time for tea.... back at 2pm