Wednesday, 6 May 2015

12pm update - spike floor candles

The market is battling to hold the earlier floor of sp'2077. The most recent 3 hourly candles are all offering spike floors... highly suggestive that the down wave from 2125 is complete. USD remains very weak, -1.0% @ DXY 94.10s. Metals are a touch weak, Gold -$2. Oil has significantly cooled.. now just +0.7%.


sp'60min



sp'daily5


Summary

So.. we're still moderately lower, but all things considered, it looks like the market wants to build a double floor of sp'2077.

It would seem Mr Market wants to sell lower into the monthly jobs data.. and then rally on it. Regardless of what the data is this Friday morning, it'd seem to be a case of 'isn't everything great again?'

notable weakness: CHK -6.8% after earnings which beat (11 cents vs 4 exp).. but still.. 11 cents is a lousy number.. and its not surprising the stock is selling lower.
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*I continue to have eyes for Gold-short, will consider in the 2pm hour...

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VIX update from Mr T. 


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time for lunch