2pm update - 4900s are tough for the Nasdaq

Whilst the broader market looks increasingly vulnerable for the remainder of today, it is notable that the Nasdaq comp' made another attempt to break back into the 4900s. The current black-fail candle is very natural considering what is a massively important threshold.


Nasdaq comp', daily

Summary

Little to add, on what is a pretty frustrating day of moderate chop.

Even if the market closes fractionally lower, the sp'2020/10s aren't exactly the most exciting prospect in the scheme of things.

Clearly, anyone hoping for 'crashy downside' really needs to walk away until mid May/June.

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notable strength... miners, GDX, daily

Essentially, open air to the $23/24s in the near term. If the main market does implode, with Gold soaring on a 'fear bid' this summer, then GDX actually has (in theory) hyper upside to the 35/40 zone.

For the moment, I ain't involved in the metals/miners, and I'm increasingly annoyed with myself.

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back at 3pm