12pm update - another rollover is due

US equities have got stuck a touch under the 50dma, with the market looking to have maxed out at sp'2072. Another wave lower looks due, next target is the March 11'th low of 2039. Metals remain weak, Gold -$6, with Silver -1.7%. Oil remains moderately choppy, -0.3%.


sp'60min

GLD, daily

Summary

*The April 1'st gains in Gold should not have inspired the gold bugs. The mild hysteria about re-taking the $1200 threshold... is already fading.
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Not much to add.. on what is a naturally quiet pre-holiday Thursday.

All things considered, weakness into the close looks likely... with most indexes set to close flat/touch red.
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VIX update from Mr T.


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time for lunch