Wednesday 22 April 2015

10am update - minor chop

US equities open with some minor chop. Metals are on the slide, Gold -$7, with Silver -0.7%. Oil is weak ahead of the EIA report, -0.2%


sp'60min


Summary

Another relatively subdued open... there remains a near total lack of downside power.

A net daily gain for most indexes looks due. I see little reason (other than the wild card of adverse Greek news) for the market not to broadly climb into early May..

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notable strength: TSLA +3.4%. Price structure recently is a bull flag... first target would be the 200dma in the $220s in May.

weakness:  miners, GDX -1.6%... as the precious metals resume the broader downward trend.