11am update - it remains messy

US equities remain pretty choppy, with some short term weakness.. although notably not reflected in the VIX.. only a touch higher in the 20.90s. Metals continue the climb, Gold +$16, whilst Oil continues the slide... -3.9%.


sp'60min

GLD, daily

Summary

*Gold is higher by around $150 since early November. Not surprisingly.. many are boldly calling a floor.. with giant upside by year end. Yeah... the same posters... who said the same thing at the start of 2011, 12, 13, and 14.
--

As for equities... it would increasingly seem today and tomorrow will be mostly chop... ahead of the giant step forwards for the ECB.

I simply can't imagine Draghi not launching some kind of t-bond buying program this Thursday. I realise some believe he will disappoint but then the question is...

WHY would the SNB decouple.. if not for the looming QE ?
--

 Notable strength, miners, GDX +3.7% @ $23.00... next level is around $25