Tuesday 16 February 2016

1pm update - somewhat over-stretched

US equities have managed to claw from sp'1810 to 1890 (4.4%), across just 12 trading hours, with the hourly cycles now getting on the overly high side. Metals remain in cooling mode, Gold -$26, with Silver -2.7%. Oil remains choppy, -0.7% in the $29s.. as market is realising supply is NOT being cut.


sp'60min



VIX'60min


Summary

So.. short term... arguably overbought... but with underlying upward pressure into next week... as the sp'1920/30 zone looks highly probable.

Hell, I'm seeing some 'reasonable' talk of 1950/70 before the next rollover.
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*am updating dozens of individual stock charts... almost all of them remain on the low side... with high probability of broad upside into next week.
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On CFTV... guest from Deloitte.... highlighting the issue of looming bankruptcies in many energy companies...


The guest wouldn't name any listed names though... not surprisingly.

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back at 2pm