11am update - no downside power

US equities remain a touch weak, but there is clearly no downside power, and a latter day recovery still looks due. VIX is similarly showing no upside kick... stuck in the low teens. Metals are weakening, Gold -$7. Oil remains a touch negative, but looks set to resume higher.


sp'60min

GLD, daily

Summary

*CPI data is due tomorrow... and Gold bugs face weakness into the weekend. Price structure remains a large H/S formation, with the giant $1000 threshold still due this summer.
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So... indexes look floored.. and look set to close higher for a third consecutive day. This is no market for the equity bears, and really.. there looks no real hope until mid May.. if not around the time of the June 17'th FOMC.

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notable strength: airlines, DAL +1.6%, UAL +2.4%....  higher oil prices will remain a threat though.

weakness, oil/gas drillers, RIG -2.9%, SDRL -3.6%... merely cooling after recent hyper gains.
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time for an early lunch... back at 12pm