Tuesday, 24 November 2015

11am update - equities set to floor

US equities have seen a secondary down wave after the initial bounce. The sp'500 should be able to form a floor around the 200dma (2065). VIX has built sig' gains of 10%, into the 17s. Metals have cooled from opening highs, Gold +$6. Oil is similarly catching a fear-bid, +1.8%.. but also well below the earlier high.




There are a fair few aspects of support in the sp'2070/65 zone... and I don't expect sustained trading <2060 this week... or rest of the year.

The Turkey/Russia issue has given the market the excuse it wanted for a mini washout.. ahead of the holiday break.

For me, the only real issue is whether Nov' closes a little above...or below the sp'2100 threshold.

notable strength

Miners, GDX +1.9%
Oil/gas drillers, RIG +0.9%

time to cook