Tuesday 26 August 2014

3pm update - another day higher

US equity indexes look set to close higher for the second consecutive day, and the 10th day of 13. Metals are holding moderate gains, Gold +$8. VIX is in melt mode, -1% in the mid 11s.


sp'daily5


Summary

*I am long SDRL from a little earlier, will hold overnight, and very likely into late Friday. Seeking a break into the $38s..and that should (in theory) lead to the $40 threshold.
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...minor chop in the closing hour seems likely.

Volume remains very low of course, and with a 3 day holiday weekend approaching..there seems little hope for those seeking a minor down wave back to the 1980/70s.
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3.24pm... minor chop...and a close in the sp'2000s looks likely. Dow is around 30pts from breaking a new high..and that looks likely tomorrow morning.

With metals managing moderate gains, GDX has fully reversed the Monday declines, +2.3%.