Tuesday, 8 March 2016

11am update - increasingly bearish skies

US equities remain broadly weak, with the sp'500 having decisively broken the rising trend from Feb'11th. VIX is +7% in the 18s. Even the precious metals are struggling, Gold u/c, with Silver -1.5%. Oil remains under pressure, -3.2% in the $36s.


GDX, daily2


re: miners. Precious metals are holding up relatively well, but cyclically, are also due a retrace. GDX is offering a rather strong bearish candle so far today...  target are the mid 17s, and I realise that is a considerable way lower.

As for the broader market, a marginally interesting morning, but overall, bears are now setting up for a short term cyclical low ahead of the ECB.

notable weakness...

CHK -18%, talk of bankruptcy back on the rise.
FCX -11%, stuck under the 200dma
SDRL -18%... as last Friday's hysteria evaporates

Here in London city

This is not the sunny sky I was seeking. Urgh.

time to cook