12pm update - minor index chop

The main indexes start the week with very minor chop. The sp' is holding the 1800s, Nasdaq 4000s, with the Dow in the 16000s. Metals remain lower, but set for a minor bounce...Gold -$22. Miners under severe pressure, GDX -3.7%


sp'daily5

Summary

Not much to add..on what is a quiet start to the month...

VIX update from Mr P.



time for tea :)

11am update - metals and miners under pressure

The last month of the year is not starting well for the precious metals or the mining stocks. Gold is -$22, with Silver -2.5%. Naturally, the miners are lower, with GDX -3.5%. The bigger weekly/monthly charts are offering weakness into end year.


SLV, daily3 - H/S

GDX, monthly

Summary

*I was short-stopped from SLV @ 18.77..will consider a re-short on any bounce to 18.95/19.05

H/S downside target remains 17.00..monthly charts are offering the 15s.
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I realise for many out there..its already an annoying week.    I suggest chocolate...in large quantities.

10am update - viable upside... jumps!

A new month, and the upper bollinger bands on the big monthly charts (naturally) jump higher. Dow 16500, sp'1840s, and Trans 7400s are viable this month. On the flip side, precious metals are now offering Gold $1150, and Silver $16s.


Dow' monthly'2, rainbow

GLD, monthly

Summary

Mr Market sure doesn't have to reach those upper bol' levels this month. Hell, even the sp'1820s would be another major achievement. On balance though, Dow 16400/600 does seem very viable.

With continued QE - particularly heavy this week, there is little reason why we won't be in the sp'1820/30s by the end of this week.
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Notable strength in AAPL  breaking into the 560s. Upside target zone remains 580/600 by year end.


10.31am..short-stopped out of SLV @ 18.77... I think I caught the low of the day.

Downside target for SLV remains 17 though..within the next 2-3 weeks.