sp'60min
GLD, daily
Summary
*Metals are really causing some problems for those short (including yours truly). Clearly, the weak USD remains the primary cause. Once USD floors... metals should reverse hard.
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As the rains pour across London city this afternoon, in market land, its now a simple of case of either a break >2117... or... failing once more.
Best guess... further upside, with a short-stop cascade beginning in the 2116/18 zone... that will offer a weekly close in the 2120s.
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notable strength: AAPL, +1.1%... leading the way back upward..
weakness, JCP -4.7%... post earnings depression.
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10.02am... Transports sure ain't part of the party... u/c. R2K is only +0.1%.
So... it remains a case of continued weakness in the two leaders... but new highs (due) in rest of the market.
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10.07am.. Something is going on in FB, +1.4%... a lot of trades flying through right now. Daily chart is set for a bullish MACD cross tomorrow...bodes well for the broader market into the Friday close.
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Opening black-fail candle in currency land... for the Euro... with a reversal in the USD.
*Gold sure is trading closely with Euro/$ right now..