1pm update - 1947 to 1833

The sp'500 has declined by a rather fierce 114pts (5.8%) since the high last Monday afternoon. It is notable though that VIX is still failing to show any real panic, remaining well below the Jan'20th high of the 32s. Gold has built a sig' fear bid, +$19, almost reaching the next big psy' level of $1200.


sp'60min

GLD, daily

Summary

So... we've moderately bounced from the late morning low.

Equity bulls should be seeking a daily close >1845 to break sideways out of the short term down trend from last Thursday.

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notable strength: miners, GDX, daily

Not surprisingly, with Gold/Silver continuing to climb, the related mining stocks are significantly higher, back to levels last seen in early July.

Again though, I will note that it has to be asked, how will the precious metal miners react if some of their own start to file?   Anyone else looked at the debt for Barrick Gold (ABX) lately? That sure ain't pretty.
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back at 2pm