Tuesday, 16 June 2015

11am update - upward leaning chop

US equities continue to see a lot of chop.. but with a moderate leaning to the upside. VIX is holding up relatively well, reflecting a market that is increasingly resigned to some serious Greek news in the near term. USD is holding moderate gains, +0.3% in the DXY 95.10s. Metals are weak, Gold -$8, with Silver -1.0%


UUP, daily2


*USD remains bizarrely subdued considering the ongoing Greek situation. Price structure could be seen as a micro 5 day bear flag... or a large 3 week bull flag. Take your pick.

So... a lot of chop.. and it should be clear, we ain't breaking <sp'2072 today. There simply isn't any downside momentum.

It would seem to be a simple case of waiting to see how the market copes with the FOMC/Yellen press conf' tomorrow afternoon.

*I have eyes on INTC, not least as a proxy for discerning broader market direction. More on that one later.

notable weakness: TWTR, -2.9%... as I imagine the broader market is starting to realise it is likely going to $30

time for an early lunch

11.17am... Another stupid short stop cascade.. into the sp'2090s.  Crazy.