The micro bear flag is playing out, with US equities set to fall into the monthly close. Regardless of the exact close though, it has been a month for the equity bulls, with net monthly gains for most indexes, along with some new historic index highs.
*as ever.. for the chart technicians.. the monthly closes will be rather important.. including the USD, precious metals, and Oil.
Well.. its nice to see another bear flag play out as expected.
The only issue now is how many of the rats will want to bail into the weekend. I'd guess.. at least enough to offer a chance to settle under the sp'2100 threshold.
updates... into the close
3.06pm.. sp'2107... VIX 14.10.... still potential for further weakness into the close.. as the rats will surely want OUT.
3.15pm.. Its getting a little choppy.. but then its end month... sp'2111... still looking for further weakness into the close.
*metals set to close with minor gains, Gold +$2, Silver +0.2%
3.36pm... chop chop.. sp'2110... VIX 13.80s.... STILL seeking weakness into the close.
notable weakness, copper miners, FCX -2%, TCK -4%.... Copper itself is net lower on the month... it bodes badly for Gold/Silver this summer.
3.49pm.. end month chop... confusing many... but still... we're closing moderately weak.
*a big R2K re-balancing due....
back at the close !