Closing Brief

A very quiet start to the week for the US equity market, sp +6pts @ 2038. The two leaders - Trans/R2K, settled higher by 1.3% and 0.5% respectively. Near term outlook is still offering a retrace, but with each day.. the target of the 50dma (1971) will need to be raised.


sp'60min

Summary

Dull dull dull.
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Frankly, were it not for the action in commodity land - inspired by a morning swing to the upside in the USD, today would have been difficult to stay awake.

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A daily wrap at 8pm EST.

3pm update - the real action remains in the miners

Whilst equities continue to see micro chop.. there remains significant action in the Gold/Silver miners. The ETF of GDX has lost most of the Friday 'dumb bounce' gains, -6.3%.. set for the 15/14s... along with Gold -$1130.


GDX, daily

Summary

Quiet start to the week... not much to say than that.
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Metals continue to slide.. Gold -$23 (-2.0%).. which is a fairly sig' move on any basis. All those getting overly excited that last Friday was a key turn...

Well, they'll no doubt still be calling a floor this evening... and tomorrow.. etc
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back at the close

2pm update - Transports leading the way

The Transports is now in the 9000s... and would even the most doomer of doomer bears dare suggest 10k won't be hit in the coming few months? No doubt.. the lower oil prices are especially giving the Trans an upward push.


Trans, daily

Summary

Little to add.

It remains a quiet day.. and tomorrow will likely be little different.
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There remains sig' weakness in the metals.. .and that is naturally greatly impacting the miners. GDX -5.4%

... still on track for the 15/14s. No doubt though.. the floor callers will be out there again this evening.