Tuesday 5 May 2015

2pm update - no buyers today

US equities are increasingly weak, with significant declines for some indexes, notably the R2K and Nasdaq comp', both lower by around -1.5%. Precious metals are holding moderate gains, Gold +$4, but price structure is a very bearish wedge. Oil is holding sig' gains of 2.9%.


sp'60min



GLD,'60min, Elder.


Summary

*The metals remain broadly weak, and I'm considering shorting Gold via GLD. For now... its 'interesting' to consider viable downside into the Friday close.
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It looks like we'll close somewhere in the sp'2090/85 zone.. ahead of the ADP jobs report.

As ever, VIX is without question still generally subdued.. stuck in the lowly 14s. I can't take VIX seriously until it can break/hold the low 20s.. and right now that looks highly unlikely in the near term.

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notable weakness: FXI (long China) -3.6%.. as market is pricing in another overnight decline.

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*it is notable that Oil faces the next set of inventory reports, with API some time after the close.