Thursday 19 September 2013

2pm update - more of the same

The main indexes remain a touch weak, and its not exactly a bold prediction to suggest a continuation into early tomorrow. Metals are seeing minor chop, although GDX now -4%. Oil is weak, -1.2%. Despite a weak market, the VIX is still lower by almost 3%


sp'60min


Summary

The rising hourly 10MA @ 1718 should provide support into the Thursday close, although I'm guessing a further little wash-out early tomorrow.

The only issue then, can I stomach going long, from a level that would still be considerably above Wednesday morning?

One thing is for sure though, I won't be picking up any index-shorts.
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*for those few watching, clown finance TV channel'2 (CNBC) continues to report Gold +$60 today. Even one of the lunch time hosts was noting 'such a strong move today'.

At least they are consistent in their idiocy, and mis-reporting.
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GDX, daily


Currently testing the 50day MA in the low 27s..which would make for a near 50% retrace of yesterday
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Post FOMC chatter from the CME



Hmm