Thursday, 7 May 2015

12pm update - holding moderate gains

US equity indexes are holding moderate gains, having swung from an early low of sp'2074 to 2089. A daily/weekly close in the 2100s currently looks unlikely. With the USD +0.5%, the metals are under pressure, Gold -$8, with Silver -1.1%. Oil is in cooling mode, -1.8%


GLD, 60min'2


*metals remain weak, but if the USD cools tomorrow (for whatever reason) there will be another wave higher.. which I would likely re-short.. but on Monday.

So, we're moderately higher, but Mr Market looks highly vulnerable. The sp'500 really shouldn't go much above 2088/90... where the 50dma is lurking.

notable strength: BABA +7.1%, but sig' below the opening high.

VIX update from Mr T.

time to cook.. or something