Tuesday, 10 May 2016

12pm update - chop in the gap

US equities are holding broad gains, with the sp'500 naturally seeing some distinct price chop in the gap zone of 2081/77. VIX is naturally under pressure, -5% in the 13s. Metals remain mixed, with Gold -$3, whilst Silver +0.6%. Oil is +2.2% in the $44s.




For the moment... zero sign of a turn.

Cyclically.. we're clearly on the high side... with the VIX at bizarrely low levels.

Where is the catalyst for a turn this afternoon.. or even this week, going to come from?

notable weakness.... TSLA, daily

Despite the main market.. TSLA continues to struggle.. with next soft support in the 200/195 zone. After that... its empty air to the 150/140s.

Mr Musk - who will clearly need a new capital injection to be able to ramp production, is going to struggle to raise new money from the equity market.

time for tea