Another very quiet day for the US equity market, but again, achieving new historic highs for the Trans, Dow, and sp'500 (2041), settling +1.5pts @ 2039. A retrace remains on the menu, but with each passing day, the viable downside target is somewhat higher.
sp'60min
Summary
A semi-holiday for the market.. and there really isn't anything to add.
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*I won't be meddling in the indexes for some time, but I do now hold a small GDX (short) position for the rest of this week.. if not into next.
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US equities remain choppy, with just a hint that a retrace is at least one day closer. The metals are holding gains, Gold +$19, which is naturally helping the miners, GDX +5.5%. VIX is holding minor gains of 3%... in the low 13s.
sp'daily5
GDX, 60min
Summary
*I won't be meddling in the indexes for some considerable time, but with another stupid bounce in the miners, I've picked up a small GDX short position. Holding to primary downside target of 15/14s.. which is well within range if Gold falls <$1100.
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Other than the rather interesting interview with the BABA CEO today... its been a not surprisingly dull day.
Notable weakness: oil/gas drillers, RIG -1.1%, SDRL -1.6%... with a long way down to go into next spring.
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Whilst equities continue to see minor chop... there is far more interesting action going on... off world. The ESA 'Rosetta' is set to land the first ever probe on comet 67P/Churyumov-Gerasimenko - around 2pm EST.
Meanwhile... the market itself continues headed for the proverbial moon...
Nasdaq Comp', monthly, 20yr
Summary
The bubble high of March'2000.. @ 5132... looks on track for next spring... and then what? 7k, 10k.. before it all blows up when the next crisis hits?
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Notable strength: miners, GDX +4% or so... but holding well within a broader down trend. Miners will remain wholly dependent on metal prices, which themselves remain broadly weak.
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VIX update from Mr T.
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Regardless... for the rest of today... I'm more interested in off world events...
