Thursday 6 November 2014

11am update - morning chop

Having broken a trio of new index highs, equities see a touch of weakness, with the VIX briefly in the low 15s. Metals are moderately higher, Gold +$5, this is greatly helping the miners... GDX +4.8%... but a bounce is all that is. Oil remains weak, -1.4%


sp'60min



JDST (3x short, junior miners), 60min


Summary

The equity action remains pretty dull... and until we see VIX break the Tuesday high.. into the 16s.. bears have nothing to be excited about.
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Mining stocks are bouncing, but as always.. they will be following the metals closely. The next wave lower on Gold.. whether tomorrow.. or next week.. and the miners will get another smackdown.
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Notable strength (post earnings) TSLA +6%