Monday, 16 May 2016

10am update - opening minor gains

US equities start the week on a positive note, but the gains are only minor, and there will be high threat of a fourth consecutive net daily decline. VIX is not offering the volatility bulls anything to be pleased about, with an opening black-fail candle. Metals are notably strong, Gold +$12, with Silver +1.4%.




*gains in Oil of around 3% into the $47s are no doubt helping.

Near term resistance is around sp'2060... if that fails to hold, then 2070, before next opportunity to push under 2039.

In any case.. who the hell wants to be buying here? Seriously, the only decent buy signal right now would be a break >sp'2134.. with Dow >18351.

notable strength, AAPL, daily

...  as chatter about Buffett holding almost ten million shares (via Berkshire Hath') help inspire some buyers. Broadly though.. .the $70s look a valid target for mid/late July.. when Q2 earnings will appear.