11am update - it remains messy

US equities remain pretty choppy, with some short term weakness.. although notably not reflected in the VIX.. only a touch higher in the 20.90s. Metals continue the climb, Gold +$16, whilst Oil continues the slide... -3.9%.


sp'60min

GLD, daily

Summary

*Gold is higher by around $150 since early November. Not surprisingly.. many are boldly calling a floor.. with giant upside by year end. Yeah... the same posters... who said the same thing at the start of 2011, 12, 13, and 14.
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As for equities... it would increasingly seem today and tomorrow will be mostly chop... ahead of the giant step forwards for the ECB.

I simply can't imagine Draghi not launching some kind of t-bond buying program this Thursday. I realise some believe he will disappoint but then the question is...

WHY would the SNB decouple.. if not for the looming QE ?
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 Notable strength, miners, GDX +3.7% @ $23.00... next level is around $25

10am update - failed opening gains

US equities open moderately higher to sp'2028, but quickly fail... already turning a little red. Metals are holding strong gains, Gold +$13. Energy remains exceptionally weak, Nat' gas -5.5%, whilst Oil is -4.5% in the $46s. VIX turns positive... back in the 21s.


sp'60min

VIX'60min

Summary

Hmm... so.. early gains of 0.6% but having completely failed.

VIX is indeed now positive, but with Dow -100pts, VIX was only +2%.. not exactly a great sign for those seeking much stronger downside across the day.
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Notable weakness... FXCM... -86%

There is still time to open an FX account... I'm sure your money is safe!

Leverage is only 50-1.

$50 account deposit... worse case.... you get a bill for ONLY $2500 the next morning... unless there is an overnight gap up/down.. in which case.... they'll be coming for your house... and anything under your mattress.
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10.16am... VIX turns red already... does not bode for those seeking major downside. 

Notable strength, airlines....no doubt.. due to lower oil

Pre-Market Brief

Good morning. Futures are moderately higher, sp +12pts, we're set to open at 2031. There will be stiff resistance in the sp'2040s - where the 50dma is lurking, but overall... market should see a positive week. Gold continues to climb, +$14. Energy remains very weak, Nat' gas -6.0%, whilst Oil -2.1%


sp'daily5

Summary

So... its Tuesday already.. a relatively quiet week (not counting corp' earnings)... the big action is Thursday.

The ECB had better not disappoint... and considering the SNB move last week, I'm certain they won't.

*I remain long via the R2K, and am in no hurry to exit.

--
Hunter with Ms. Prins.



Frankly, Nomi Prins makes me feel like a financial prophet. I honestly don't think she has much of a clue what she is talking about lately.

As ever though, it is often useful to hear those (not least the Gold promoters) spouting nonsense/wishful thinking.

*King O' has his State of the Union speech this evening at 9pm EST (I believe). If there is any night when you might think the Fed - via its 'bankster friends' might be buying the ES futures... tonight would be the one.
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Have a good 4 day week.