11am update - price action still favours the bulls

Despite opening lower, ongoing price action remains the same as it has since the Feb'11th low. There is simply no sustained/significant downside, and further upside looks due.. not least if Oil can rally from the current low in the $40s. Metals/miners remain under strong downward pressure.... naturally retracing.


sp'60min

VIX'60min

Summary

Little to add.

I realise some are now top calling again, but price action sure doesn't support it. The fact we have a three day weekend ahead generally bodes for increasingly subdued trading, and that will favour the equity bulls.

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notable weakness, Gold, GLD, daily2

The 114/113s look due.. which would equate to spot gold in the $1200/1180 zone.
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time to cook