Monday, 1 June 2015

1pm update - moderate gains

US equities have seen another moderate swing to the upside... battling to take out the opening high of sp'2116. A daily close above resistance (2119 at the close) looks unlikely. With the USD +0.6% in the DXY 97.60s, the metals/oil are under renewed pressure, Gold +$1, whilst Oil -0.9%



Not much to add... it remains choppy.... I sure don't see much chance of a major break higher.. not even as China remains in hyper-bullish mode.

Target remains sp'2090/80 zone... probably by Wed'
notable weakness, coal miners, BTU -6.7% @ $3.15... the $2s are a'coming, right?

Interesting guest on clown finance TV this lunchtime...

$85 by end September looks EXTREMELY unlikely. The bigger weekly/monthly charts will barely be offering the $70s in late summer, never mind $80s.

My upper end target remains $75.. but that looks highly unlikely as the USD is set on a course for the DXY 120s... even the mainstream are broadly agreed with that.

stay tuned!