Thursday, 5 May 2016

3pm update - chop into the close

US equities remain in minor chop mode, with a likely close in the sp'2055/50 zone. Oil has significantly cooled from morning highs... currently +1% in the $44s. USD is set for a third day of gains, +0.6% in the DXY 93.70s.


USO, daily2


*that is a rather stinky black-fail candle for Oil.. and notably, the third one in recent days. Its a pretty rare thing to see.. showing repeated failures to hold gains.

At the very least, oil bulls should be somewhat concerned.

Not much to add.

Market is set for more chop into the close... ahead of the Friday monthly jobs data.

notable weakness... FCX, daily

Having broken rising trend, next key support is around $10.. and that is around 10% lower.

back at the close

3.01pm.. ohoh, clown finance TV doing a live interview with fed official Lockhart in the closing hour.

Mr Market IS watching.....................

.. and here he is...

Touting Q2-4 will be better than Q1.