Thursday 5 February 2015

2pm update - no ECB this afternoon

US equities look set to hold gains into the close, so long as the ECB keep mute for the remainder of the day... which seems probable. Metals remain a touch weak, Gold -$2. Oil is holding strong gains of 4%.. but day to day volatility remains extreme.


sp'60min


Summary

It would be highly improbable to see the ECB issue more comments in the late afternoon for the second consecutive day. I'm guessing we'll hear nothing from them until late Friday.

Near term trend remains bullish, and it won't take much of a gap higher tomorrow to break over key resistance of sp'2064.

After that... a weekly close in the 2070s is viable... which considering we were 1980 on Monday morning... is pretty crazy.
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Notable gains, coal miners, BTU +5%...


... but then.. its only in the $7s.. which remains utterly destroyed since the spring 2011 high.