Monday, 2 May 2016

11am update - moderately higher, but...

US equities are moderately higher, but somewhat choppy, and look vulnerable to turning red later today. USD remains weak, -0.3% in the DXY 92.70s. Metals have seen a notable reversal from early gains, Gold -$2, with Silver -0.9%. Oil is -1.4% in the $45s.




So.. a relatively quiet open to the week, but there is weakness to be seen in a fair few places, not least in energy stocks.

Clearly, hourly equity/VIX cycles are favouring the equity bulls right now.. and probably for the rest of today.. but tomorrow.. and more so.. Wednesday we should be in the sp'2040s.

Even then... the sp'2040s are not low enough to give any initial clarity that 2111 will likely hold on the next multi-day bounce.

notable weakness... KMI, daily

Remaining firmly stuck... and looks very vulnerable to the lower end of the gap zone in the low $15s... which would likely equate to sp'1990s.

time cook