Market Update

It seems for the most part there are several intrraday negative divergences, they are not consistent in a way that I can say, continued consolidation, pullback or maybe change of character (those are the probabilities in the best order I can assign with the information I have).

This is still pretty much in line with the earlier post about precious metals.

Normally based on what we have, because we still have positives that have been there more or less since Friday when we really started positioning for this move, I'd say it is as I suspected earlier on the PM / Market update. I think a short intraday pullback (we have been consolidating for the most part) is likely, but I don't think the move is done, actually probably not even close or at least not at midway.

TICK is virtually useless today, I really am having trouble understanding how the NYSE TICK chart can be so thing and tight ranged.

In any case, I'm not moving any of the positions as of yet because I just have some mildly cloudy charts, not signals to end those trades. The only thing that even makes this noteworthy is the fact we have the F_O_M_C minutes tomorrow, otherwise I might not even mention it.


The VIX / VXX are interesting as they are accumulating on their move lower, but they still have enough quality signals to suggest they are not done on the downside. 

I would normally stay patient here and not make any moves, the only thing again is tomorrow's data and whether it may have been leaked. I can't prove that, I don't even have any information that points in that direction so for now, I think it's probably best to leave the positions alone, carry on as usual and as planned and let the market do its thing ( a pullback would be normal) and keep looking.

We do have some nice moves in some assets we like, URRE is a decent one. 

Believe me, it's as difficult for me as it is for you, to stay patient and let the market go through its motions being there's nothing signaling that anything has changed outside of our expectations which were for this move to start yesterday afternoon, instead it was 3 hours late and started this morning.

Just hang in there. With movement, we get good information so a market pullback would actually be helpful.