US equities remain largely subdued, although still achieving new highs in a few indexes. Metals are holding moderate gains, Gold +$5, but looks vulnerable into the Friday close. Oil continues to slide, -3.1% in the $49s. VIX is showing zero sign of market concern, -1% in the 13.60s.
sp'60min
GLD, daily
Summary
*another black-fail candle for Gold, and some weakness into the Friday close looks very viable. Regardless, February was a bad month for the gold bugs.
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Not much to add... it remains a very dull market. I'm resigned to broad upside into late April/early May... and then the first chance of a more sig' drop.
Notable weakness: CHK -4.9% in the low $17s, unravelling... and looks ugly to the 12/10 zone this summer.
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time for a late lunch... back at 2pm
It is just another day in market land.. a touch of weakness in early morning, but with underlying strength.. being reflected in new highs in the R2K and the Nasdaq Comp'. VIX remains subdued in the mid 13s. Gold is holding moderate gains of $5. Oil remains very weak, -2.6% in the $49s.
sp'60min
sp'daily5
Summary
*yeah... I'm somewhat late today, but then, where the hell is everyone else lately? It'd seem the algo-bot melt is killing the financial blogosphere.
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So... its still a case of minor chop... but grinding broadly higher. The R2K sure isn't showing any sign of stopping. There is a touch of weakness in the Transports, but really.. its negligible.
Without question, until we're back under sp'2100, there is no clarity that a retrace is even underway. At best... it looks like bears might hit 2065/50 zone, but even that looks increasingly difficult next week.
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Notable weakness, CHK -3.8% in the low $17s, continuing to fall after recent earnings.. target remains $12/10 zone by late summer.
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US equities closed moderately mixed, sp -1pt @ 2113 (intra high 2119). The two leaders -
Trans/R2K, settled -0.5% and +0.1% respectively. Near term outlook continues to
offer a minor retrace to the 50dma.. in the sp'2050s next week. The
broader trend remains powerfully bullish... with Nasdaq 5000s due.
sp'daily5
Nasdaq Comp' daily
Summary
Suffice to say... it remains a case of new historic highs... each day.
At best.. equity bears have a small hope (as arguably reflected in the VIX) of a minor retrace to the sp'2060/50s by mid March.
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Closing update from Riley
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Looking ahead
Thursday will see the usual weekly jobs, CPI, Durable Goods, and FHFA house price index.
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