Wednesday, 30 December 2015

10am update - opening weakness

US equities open moderately lower, with a clear lower gap of sp'2060/56, but considering holiday trading conditions and recent price action, that looks out of range. Metals are weak, Gold -$7, with Silver -0.7% in the $13s. Oil is -2.6% ahead of the EIA report.


GLD, daily


*the year is not ending well for the gold bugs. I can't see Mr Market not taking Gold to the giant $1000 threshold.. and probably headed for the 900/875 zone by summer 2016.

Naturally, the related mining stocks are having issues. GDX -2.3%.

So.. we're a little lower, but really.. today is set to be mostly choppy.

A Thursday/2015 close around 2090 remains valid.

notable weakness...

AAPL, daily

Price structure is a clear bear flag. Were that to play out... then alarm bells should ring out. From a pure cyclical perspective though, we're still due another attempt to clear the 200dma around $120.

I'm cold .. and I think its time to cook.

*back for the oil report at 10.30am

10.31am   2.6 million barrel oil surplus.. .  Oil is -3.4% in the $36s.

Clearly.. that is denting the equity market, with sp -8pts @ 2069.