Wednesday, 9 March 2016

3pm update - minor gains ahead of the ECB

US equity indexes are set to close a little higher, ahead of the next ECB meeting.. where NIRP will likely be intensified, along with a possible increase/extension of the ongoing venture in paper printing. As things are, the setup still favours the equity bulls into next week.



Regardless of the exact close, what should be clear, yesterday saw broad weakness.. and we sure didn't see any downside follow through today.

I suppose some could still look for weakness tomorrow on 'Draghi disappoints', but the setup argues against it.

notable strength.. miners, GDX, daily2

Gold remains -$8, but the miners have swung from declines of -3% to currently +1%. However.. we do have a lower low.. and a lower high. Broadly, metals/miners look vulnerable into the FOMC.

back at the close