Tuesday, 2 June 2015

12pm update - continued weak chop

US equities remain choppy... leaning on the weak side, a daily close under the sp'2100 remains viable.. along with VIX 15s. USD remains weak, -1.2% in the DXY 96.10s. Metals are looking vulnerable, Gold +$3... price structure is a clear bear flag.


GLD, daily


*considering the drop in the USD, the precious metals are performing badly. Another sig' down day looks due, at least of $15/20.. with GLD in the 112.25/111.75 zone.

Little to add.. on what is another day of minor swings.

Further downside looks due to the sp'2090/80 zone.. before some kind of Greek agreement is reached.. but that will only can-kick into July or so.

Interesting guest on CNBC-EU...

Certainly, a 10% drop is very viable.. although some markets - notably China, would be vulnerable to a rather severe 25/30% before resuming higher.

VIX update from Mr T

time for tea :)

12.06pm.. Indexes just jumped.... (news?).... sp'2114.

Resistance is now 2118... a move much above that would really mess up the near term outlook.