10am update - opening weakness

US equities open moderately lower, with the sp' slipping to 2085. Sustained price action <2080 looks unlikely in the near term, and indeed, there remains high threat of new historic highs within a few weeks. USD is powerfully higher, +1.3% @ DXY 96.70s, but looks vulnerable to cooling... which would help metals/Oil recover.


sp'60min

VIX'60min

Summary

So, opening declines, but there really isn't much power behind it.

There remains a high opportunity that this cycle has floored in the sp'2080s.

I fear renewed upside to the 2160/80 zone.. .before next viable opportunity to short the indexes, ahead of a summer/autumnal retrace.

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I EXITED a GLD short at the open.. a trade that dragged on for way longer than I expected.. but its the third consecutive Gold-short net gain, so I'm very pleased... and I am done for this week.

GLD, daily

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time to shop.. back soon...


10.37am....  a weekly close >2110 now looks probable.

Those equity bears not already stopped out.... not so pretty.

*I realise some are non-leveraged with 2130s stops.. but still... 2080s very a natural level to bail.