12pm update - minor declines

US equities remain in churn mode... leaning on the weaker side, as the daily cycles continue to slowly turn back toward the bears after what has been a truly bizarre 5 week hyper ramp from 1871 to 2092. It is notable that a number of the old leader stocks - such as DIS and INTC are looking distinctly tired.


sp'daily5

INTC, daily

Summary

Metals are increasingly weak, Gold -$5, with Silver -0.3%.. and that is with the USD -0.7% in the DXY 96.60s. Surprisingly, GDX has managed to build gains of 0.9%.. but those gains look unsustainable.
-

First target for the equity bears should be to take out the Thursday low of 2082.. which is an entire 4pts lower. Considering the price action of yesterday and this morning though, a down wave of that magnitude looks lamely difficult.

--
VIX update from Mr T.



--
back at 1pm