Monday 10 February 2014

12pm update - lunch time chop

It continues to be a very subdued day. Mr Market appears on semi-shut down, merely awaiting the testimony of Yellen tomorrow morning. Metals are holding moderate gains, Gold +$8, Silver +0.5%. VIX is battling to hold the mid 15s, on what is a QE fuelled day.


sp'60min


Summary

*Trans is -1%, more on that later though.
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A very quiet day. Action on the small cycles is very muted. A break >1800 would be...surprising, but then, neither is a break <1790 likely..at least until tomorrow.

I will note, there IS a real opportunity for the bears to push briefly lower, to 1775/70, but..underlying MACD cycle is already reset 40% or so. Its going to be overly difficult for the bears to break <1770 again.

A fair question to anyone still seeking new lows (<1737) in the days ahead....

If the equity bears can't break lower on a day when monthly jobs misses by 70k consensus, then how are they going to do it any other day?
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Notable weakness...

UGAZ,daily


Probably another 15/20% to go in the current wave, the fact that we're another day closer to the spring, can't be helping!
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VIX update from Mr T



time for tea :)