3pm update - Transports really struggling

The broader equity market remains in minor chop mode. However, there remains notable weakness in the Transports, -0.9%... and so far completely unable to re-take the 200dma. USD is attempting to claw off the lows, -1.0%. Metals look set for a second day of gains, Gold +$20.


Trans, daily

GLD, daily

Summary

*I remain short GLD, and its starting to get moderately annoying. I sure don't want to see any daily closes above the 200dma in the 117s.
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So, broadly a day of chop, but with the 'old leader' - Trans, struggling, equity bulls should be somewhat concerned as the bigger picture continues to slowly turn toward the bears this summer.

Increasingly, it looks pretty much assured we'll see a major wave lower this summer... lead (as it should be) by the Trans.
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notable strength: oil/gas drillers, RIG +5.4%, SDRL +3.3%
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3.34pm... Trans starting to slide again... -1.2%.... as USD continues to attempt a rebound, -0.9%


3.40pm... equity bears just need a close of sp'2094 to break soft rising trend....  Hmmm

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back at the close :)