Wednesday, 9 March 2016

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.


GLD, daily2

GDX, daily2


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.

..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?

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.