Tuesday, 9 June 2015

3pm update - weakness into the close

US equities are holding minor gains, sp +3pts @ 2082. Equity bears should be content with any daily close <2080. First resistance remains the big 2100 threshold. The USD continues to cool, -0.2% in the DXY 95.10s. Gold is set to close higher for the second consecutive day,+$4, although Silver is lagging, -0.1%




*the smaller 15/60min equity cycles are both offering a closing hour rollover, which in theory should be the case.. if we're going to see a cycle low by end week.

It remains a bit of a confusing mess.

The daily/weekly cycles are still suggestive of further weakness.. lead lower by the Transports.

Overall, the threat remains of another 'dumb rally' into early July... not least helped via a cooling USD. How long until earnings for some of the big intl' stocks are upgraded when DXY 92/90 in a few weeks?

What is clear... the mainstream is getting increasingly twitchy about downside this summer/early autumn.

notable gains in energy prices, Nat' gas +4.9%, with Oil +2.7%.   Bullish US consumer?

3.28pm... indexes rolling over... as expected...

Ohh lookie...

Another 5bn to buy back stock.. to prop up the share price. Western capitalism at its finest, right?

3.34pm.. Somewhat amusing to see clown TV host getting twitchy.. as some indexes are set to close lower for the fourth consecutive day.

How can Yellen let this horror continue? 

3.46pm.. Eyes on Intel (INTC)... a net daily decline.. would be the 7th in a row... that'd bode pretty bearish for main market. Near term target remains the $29s.