12pm update - holding the gains

US equities are holding rather significant gains, with the sp' in the 2030s, along with VIX 18s. As confidence returns to the market, metals are weakening, Gold -$14. Oil is helping to inspire the equity rally, +2.0%


sp'60min

GLD, daily

Summary

*the decline in Gold is rather interesting, a break under 120 on GLD will confirm problems ahead
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There is little to add. Clearly.. unlike yesterday.. the opening gains are holding... and we have a clear break above the recent down trend.

Bulls should be seeking a daily close above the 50dma of sp'2044.. but that simply isn't necessary today.

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VIX update from Mr T


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time for lunch.... back at 2pm