Tuesday, 7 July 2015

1pm update - building a floor

US equities are likely in the early phase of building a floor from the morning low of sp'2044... with VIX having maxed out at 19.20. USD is holding gains of 0.8% in the DXY 97.10s. Commodities are well above the earlier lows, but still.. Gold -$12, with Oil -1.5%.




Little to add.

Another minor wave lower looks due this afternoon, but the earlier lows should hold.

notable weakness: miners, GDX -4.4%... bigger weekly/monthly cycles look dire.

*I am seeking to pick up INTC in the low $29s...  upside target would be the 32s. If it doesn't cool from current levels, I will not chase it.

back at 2pm