Good afternoon. Equities remain moderately weak, with most indexes set to close moderately weak. Further weakness looks due, at least to the sp'2100 threshold. Metal are broadly weak, Gold -$6. Oil is seeing some rather severe downside, -3.4% in the 49s. The March lows look highly vulnerable.
Well, I'm back in the metropolis of London. If all goes well, my next trip out of the city will be a via a one way ticket to pirate land! Am pretty exhausted!
As for equities, weakness for a second day, but clearly nothing significant.
With the VIX now -0.9%, it does reflect a market that is showing the underlying strength.
notable weakness: AAPL -4.3%, MSFT -3.9%.. tech monsters looking tired.
Copper miners, FCX -4.5%, TCK -3.2%.. as copper prices -1.9% @ $2.42.
Still trying to catchup...
GDX -0.4%.... trying to put in a reversal from the mid $13s.. but looks utterly destroyed on the bigger weekly/month cycles.
Regardless of any short term bounce - as also applies to Gold/Silver, the miners look pretty doomed... GDX to 12/10s sure doesn't look overly bold within a few months... not least as Gold is headed to the giant $1k threshold.
3.20pm. BAC 2.1%... into the mid $18s. Did they have earnings today? A monthly close in the $18s would be a pretty clear breakout.. much as INTC <$29 is a major fail.
Some rather strong disparity between sector... energy/resources remain broadly weak.. as King dollar remains real close to breaking back into the DXY 100s.
3.45pm.. the rats are getting a little twitchy into the close.... as we're set to close lower for two consecutive days. Ohh the humanity... is it time for one of the fed officials to threaten QE4 yet?