Tuesday, 24 November 2015

1pm update - choppy around flat

US equity indexes are seeing some distinct chop as most indexes are trading close to flat... a rather impressive recovery considering the geo-political news. With the USD -0.2% in the DXY 99.60s, the metals are bouncing, Gold +$7. Oil is back to sig' gains of 2.8%.. ahead of the next pair of inventory reports.



I'm guessing 2070 is a key floor.. a 27pt (50%) retrace of the move from 2045/2097.

I do NOT expect sustained action <2060 for the rest of the year. Ongoing style of price action simply suggest otherwise.

It remains merely a case of whether we settle November, a little above... or below the sp'2100 threshold. In either case.. equity bears have little business in considering anything short.. and that even includes Oil... which looks vulnerable to upside into December.

notable strength...

CREE, daily

CREE opened -1%... but swiftly recovered.. and looks headed for the 200dma.. in the rather obvious price gap zone of 29/30.

yours... a fan of light bulbs.