Thursday, 7 May 2015

1pm update - early afternoon chop

US equities are holding moderate gains, with the sp +11pts @ 2092. VIX is naturally cooling, -1% in the upper 14s. Metals are weak, Gold -$9, and Silver -1.1%. Oil is significantly cooling -2.2%.. back under the $60 threshold.




Yesterday saw some notable technical damage.. with two key lows - sp'2077 and 72 being taken out.

Right now.. I find it difficult to see the market not rolling over somewhere in the 2095/2100 zone... first soft downside would be 2050.

The obvious 'best bearish case' would be a test of the rising 200dma.. but that is out of range until at least next Tue/Wed.

notable weakness, copper miners, FCX/TCK, both lower by around -2%.

strength: BABA +7.1%... holding sig' gains, although the daily candle is a big black-fail one.. and those often don't end so well.