Monday, 11 April 2016

10am update - opening gains

US equities open moderately higher, but the gains look somewhat vulnerable. With the USD -0.3% in the DXY 93.90s, the metals are powering upward, Gold +$15, with Silver +2.8%. The related mining stocks are seeing a clear breakout above recent highs.




*removed H/S scenario on the hourly equity chart, seems invalid with renewed gains.

So, will the gains hold?

If the market can break above sp'2060, then... yes.. we'd almost certainly see a net daily gain.

It could be worse for the bears... but really. this is a pretty lousy start to the week.

notable strength... miners, GDX, daily

A fifth day higher for GDX, and its clearly breaking out. In theory, that is an indirect bearish signal for equities.