3pm update - the nasty market

The sp'500 has not surprisingly already turned fractionally positive, as cyclically, we were simply on the low side. Now its a case of whether the bull maniacs can attain a Thurs/Friday close in the 1930s - to keep the door open to 2K, which frankly doesn't look overly difficult. Gold continues to lose its fear bid, now just +$3.


sp'60min

GLD, daily2

Summary

*the black-fail candle in Gold should be a concern to anyone holding long gold/mining stocks overnight.. and into early March.

There is HIGH threat of Gold cooling to the red zone.. which in itself though, does nothing to negate the multi-year breakout that it recently achieved.

Short term bearish.... mid term bullish.. at least to $1300.. aka.. GLD 125s (min' target).

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As for equities... this morning sure didn't feel super bearish.. and seeing some of the indexes already turn green is just another reminder that this remains a nasty market.

For those holding short since early morning... the next 2-3 weeks could be real annoying.
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notable cooling: GDX, from gains of around 4.5%.. now just +0.2%

Again.. .a black-fail candle... and those are NOT to be dismissed lightly.
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back at the close