2pm update - still a bull flag

Despite continued cooling (and it remains very gradual) to a new intra low of sp'1880, price structure remains a baby bull flag.. with the 1925/30 zone viable within a day or two. Meanwhile, the miners are under pressure, with the ETF of GDX -3.9%, making for a new historic low in the $12.50s.


sp'60min

GDX, monthly

Summary

The price action in the miners remains an absolute dismal performance, as Gold itself is actually a touch higher today.

Clearly, the market is still pricing in 'industry capitulation' this spring/summer.

Not all of the famous gold/silver miners are going to be around by end 2016.
--

As for equities, yes.. its choppy... and remains weak... but I'm guessing 1857 will hold into early February.
-
notable weakness, TWTR -5.8% @ $16.90..  go tweet that!
-


2.13pm.. Oil -3.4%.. and that is really putting pressure on the broader market...

sp -7pts @ 1873...

Clown finance TV giving some coverage to CHK, -14% @ $3.04....   on track for total implosion.
--

Equity bulls got to hold the 1857 low..

For the moment, VIX is showing a major divergence, as it remains well below the recent high of 30.
-


2.30pm.. Well, its typical turn time...

sp'15min

Messy day...  bulls need to hold here.. and push UP into the close.

Oil -3.2%... sure ain't helping. Next inventory reports are Ah Wed' and Thursday (due to the holiday).
-

2.45pm.. sp'1865....  8pts from breaking the Friday low.  What a trainwreck.... from 1901 to 1865.. another 36pt (1.8%) swing.

VIX 27.50.. still divergent... showing ZERO sign of hyper upside... yet.

1pm update - baby bull flag

The sp'500 breaks a new intra low of 1881.. a full 20pts (1.0%) from the earlier high of 1901. Price structure though is offering a baby bull flag, with renewed upside into the close/early Wednesday. Oil remains a problem for the market, with WTIC Oil -2.0% in the $28s.


sp'60min

USO'daily2

Summary

Little to add.

Despite the ongoing weakness, we're still due a rally into next week... but clearly, its going to be damn choppy.. not least as Oil remains broadly weak.
-
notable weakness...

CHK -10% in the $3.10s
FCX -4.7% inthe $4.10s
TWTR -5.4% in the $16.90s
--

back at 2pm

12pm update - messing with everyone

Mr Market is really messing with the minds of those watching the intraday nonsense, with the sp' swinging to a new intra low of sp'1883, but now rebounding from the hourly 10MA.. set for a daily close >1900. A bounce into the next FOMC remains on track.


sp'60min

sp'daily5

Summary

... sure is a bit of an unstable mess, right?

For those watching the minute by minute swings.. this is getting me dizzy.

A very messy 5-7 days of choppy bounce appear underway.

Next Tues/Wednesday... will Gartman go bullish?
--

VIX update from Mr T



--
time for tea.. and biscuits