2pm update - tedious waiting

US equities are holding the sp'2058/61 zone, but look set for what could be some considerable weakness into the close. VIX is naturally weak, -4.6%.. but similarly poised for late day strength. Metals are weak, Gold -$8.. set to lose the 50dma. Oil remains weak, -4.9%


sp'60min

GLD, daily

Summary

Well.. 2.30pm is a typical turn time.. so.. lets see what the equity bears can manage into the close.. there is certainly plenty of time for ALL indexes to turn red.. even the sp'/dow.

Best guess remains.. the sp'2025/20 zone.. with VIX 20/22.

As ever.. market will be VERY vulnerable to any late day comments about Greece.

From a pure cyclical perspective.. bears should be able to knock this market lower into the close.

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*metals remain weak... along with Oil.... pressured by the USD which wants to claw to the giant DXY 100 level. After all.. would you rather hold Euros?


2.33pm.. Oil loses the $50 threshold... and it is rather incredible that the market breaks a marginal new high of sp'2062.

Oh well.. it IS typical turn time... still time to close red.

Notable weakness, copper miners, FCX/TCK, both -4% or so.


2.43pm...  another wheel barrow of short-stops hit.... to sp'2065.... madness!