Thursday, 7 May 2015

10am update - opening chop

US equities open with some mixed chop. With the USD +0.5% in the DXY 94.50s, the metals are moderately weak, Gold -$5. Oil has seen a strong early reversal, now -1.4%.



A bit of a messy open, broadly the market 'should' see another net daily decline, but clearly.. there are dip buyers out there.

Right now, the sp'2040/30 zone looks a long way down, but it is viable in the current down wave.

GLD, 15min

*I exited a GLD short at the open... minor gain... will consider a re-short on any bounce into the afternoon.

What I'm really seeking is a trade when Gold breaks under the Nov' low of $1130. That is viable at any time... not least with price structure as it is.

notable gains, BABA +7.8% @$86s... starting to cool from the opening high of $89.71.

10.30am Continued minor weak chop... no buyers >sp'2080.

Metals seeing renewed weakness, Gold -$8... with Silver -1.0%