Monday, 23 November 2015

1pm update - increasingly stuck

The main indexes are increasingly stuck, with the sp'500 unable to break the Friday high of 2097. There is viable near term downside to the 2085/80 zone. VIX remains very subdued, u/c in the 15.50s. Metals are weak, Gold -$7, with Silver -0.3%.



Price action remains very muted.

*energy stocks are getting somewhat interesting, RIG, SDRL... but are of course almost entirely dependent on how Oil trades.

notable strength...

CREE, daily

A clear turn last Monday... headed for the 29/30 zone. The 200dma will likely halt the current advance... with better chance of a retrace in early Dec.

CREE is one of many stocks that shows more of a decisive turn at last Monday's low.. than the core index low in Aug/Sept.

It bodes EXCEPTIONALLY badly for those equity bears who are still seeking weakness into year end/early 2016.

back at 2pm