Tuesday 3 February 2015

11am update - utter mess

US equities remain broadly higher, having earlier hit sp'2040, a full 3% above the Monday low. VIX is in melt mode, -4% in the 18s. Metals continue to slide.. as confidence returns to the market.. Gold -$15. Oil is holding gains of a rather significant 2.6% in the $50s


sp'60min


sp'daily5


Summary

*the downside targets on the daily chart now look stupid, unless market closes red today.. they'll get removed.
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With the continued ramp from sp'1980 to 2040.. I am pretty much aghast at this latest nonsense.

If you ignore the brief break under the double floor of 1988... we remain stuck in tight trading range.. under key resistance of 2064.
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Frankly.. my near term confidence is LOW. Until we're above 2064... or under 1980... who wants to get involved in this crap?
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Notable weakness, FB -1.3%.