2pm update - the battle continues

US equities are clearly struggling to hold the morning low of sp'2066. The severe declines in Oil, -5.7% in the $37s are a primary downward pressure on the broader market. Metals remain weak, Gold -$12, with Silver -1.5% in the low $14s.


sp'60min

GLD, daily

Summary

So.. we're somewhat stuck in the 2075/66 zone.. as Oil is really restraining what should be a latter day recovery.

Rough start to the week for those long... and no doubt.. some of those bears who covered last Friday in the 2080/90s are real annoyed right now.

.. although less annoyed than those who were naked short GMCR.

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notable weakness...

Precious metal miners, the ETF of GDX -4.0%

Last weeks gains are being quickly eroded. $1045 is not going to hold as a multi-year low for Gold.. is it?