Tuesday, 3 March 2015

2pm update - still weak

US equities remain moderately weak, with the sp' having earlier slipped to 2098. VIX is confirming the move, having already hit 14.68. Renewed equity weakness into the close looks probable. Metals remain a touch weak, Gold -$1. Oil is battling to stay positive, +0.6%.



The technical damage has been done... a retrace should play out fully across the next few days. ALL the indexes are offering a bearish MACD cross - whether already today... or tomorrow.

Best case for equity bears remains sp'2060s... which will likely equate to VIX 17s.

Notable strength: Discovery (DISCA), +3.2%

With bid rumours still circulating... this is surprisingly strong today. Last August, DISCA was in the mid $40s.... a move to the big $50 threshold seems a given... just a matter of when.

Notable weakness: Seagate (STX), -5.7%...