Friday, 17 July 2015

11am update - the reversal holds

US indexes are somewhat mixed, with the Dow -72pts, whilst Nasdaq comp +28pts. More importantly though, the opening reversal did hold, and it bodes for sp'2128 as a short term top. A retrace to the sp'2090/80 zone looks due, along with VIX 15/16s. Metals/Oil remain under particular pressure.. via strength in King Dollar.

Dow, daily



Long afternoon ahead, not least as its OPEX.

Eyes on Gold.. as it looks set to lose the Nov' low of $1130

notable weakness, energy stocks, Oil/gas drillers, RIG -4.6%, SRDL -6.0%

INTC -2.2% in the $29.20s.. the Wed' AH high in the low $32s now looks a very long way higher.

time for an early lunch

11.23am.. VIX battling to turn positive. A weekly close in the 13s would offer the bears some hope for early next week, down to sp'2090/80 zone.. before resuming upward.

notable weakness: INTC -2.6%... uglier with each hour.