Monday, 1 June 2015

2pm update - equities stuck

After another minor wave higher, the sp'500 appears stuck around sp'2116, with VIX +0.1% in the 13.80s. USD is holding gains of 0.5% in the DXY 97.50s. Metals have completely failed to hold sig' opening gains, with Gold swinging from +$14 to -$1. Oil remains similarly weak, -0.3%


GLD, daily


*daily candles for Gold and Silver are starting to look like a major fail. I expect further downside from here, first target is $1170 for Gold.

Little to add...

Market should roll lower into the close. A net daily decline remains very viable.
notable weakness, oil/gas drillers, RIG -2.0%, SDRL -0.6%