12pm update - still too much oil

Whilst US equities remain moderately higher, there is notable weakness in Oil - with a weekly surplus of 7.6 million barrels, WTIC is -2.5% in the $45s, and this will make for the fifth consecutive net daily decline. The USD +0.4% in the DXY 94.30s is certainly not helping commodities today.


USO, daily2

GLD, daily

Summary

Metals are also cooling,  but relative to the USD, and recent gains, Gold looks pretty strong. Indeed, the current daily candle is of the reversal (hollow red) type.
--

As for the equity market, now its a case of whether the market can attain a close >sp'2K... or if it further unravel to the gap zone in the sp'1950s. Right now.. the latter seems well out of range.

--
VIX update from Mr T.



--
time for tea
-


12.25pm.. So I title a post about how weak Oil is...  and now its surging.. trying to break out of the down trend.

Clearly.. need a close in the $15s to offer clarity.