So much for the 'upside melt', as the sp'500 breaks below yesterday's low. The 'old leader' - Transports, is set for the third consecutive significant net daily decline. Despite the renewed weakness, VIX remains broadly subdued, managing only minor gains of 4% in the 15s.
Well, I'm glad to be wrong about further tedious upside melt into the weekend.
The door is now open to make a play for the 2039 low. As has been the case for many weeks.. things only get interesting with a move into the 2020s.
On clown finance TV, Robb Lutts of Cabot...
Mr L' was very bullish.. but interestingly, holds a far more bullish outlook for Gold, as he believes inflation will eventually appear as a result of the global QE programs.
Meanwhile.. here in the land of overly priced and overly small properties...
Actually kinda chilly with a northerly wind... urghh.
2.02pm.. With market concerns.. gold picks up a little more, now +$5.. in the $1270s..
Naturally, miners following, GDX +1.5%. Incredible underlying strength.
2.25pm.. the rats are starting to jump ship into the weekend... as 2039 is a valid target by the close.
Hell, if we can close 2039... 2020s for Monday.... which would give some initial clarity/confidence that 2111 is indeed a key mid term high.
VIX still... subdued, +5%.... even 19/20s briefly looks tough.. with sp'2000/1990s.