Monday 8 June 2015

11am update - holding the floor

US equity indexes are just holding the Friday low, with the sp' coming close at 2086.. along with VIX 15.08. Price action is suggestive of renewed upside.. not least helped as the USD is cooling, -0.5% in the DXY 95.70s. Metals are somewhat mixed, Gold +$1, whilst Silver -0.5%.


sp'60min



UUP, daily2


Summary

*I remain highly focused on the USD (see UUP chart)... which looks to be cooling into late June/early July. Once the USD floors... a few trade ideas I will consider will be long UUP, short Gold - via GLD, and even short the equity market.
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A morning of weak chop.. but we are clearly holding the lows.

notable strength: Ford (F) +1.4%.. although broader price structure looks ugly to the low $13s later this summer.
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time to cook



11.05am.. Transports -1.4%... but well above the recent lows.. from a pure cycle perspective... its due a new multi-week up wave.