10am update - opening shaky gains

US equity indexes open moderately higher, with the sp +6pts @ 1985. There is notable weakness in the precious metals, Gold -$16, with Silver -0.7%. The related mining stocks are naturally on the slide, with the miner ETF of GDX -2.8% in the $18.80s. Oil is +2.3%, ahead of the EIA report.


sp'60min

GLD, daily2

GDX, daily2

Summary

Equities remain somewhat messy... not least ahead of the oil report and the Thursday ECB.

I continue to see Gold/miners as being an indirect signal for an equity ceiling next week. For now... the retrace appears on track.

Ideally, Gold/miners will see a floor next Wednesday afternoon, and then reverse powerfully higher.
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..back for the EIA report at 10.30am.


10.31am.. Inventory surplus.. hey.. it was only 3.9 million barrels.. lol

Clearly. Oil is headed to $50.. and the proverbial moon, yes?
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In any case.. equity bulls should be relieved at the number.... next issue will be the ECB.

The sp'2020/40 zone remains very viable by next Wed' afternoon.