Tuesday, November 11, 2014

Closing Surge...11.11.14

It was a pretty ho-hum day with a modest early pullback that was overrun by a last minute (last 15 minute) run up across the boards.  The surge did not continue after hours, which makes it  a bit suspicious and we're still in overbought territory.  We're looking for an upside target for XIV around 40-42 pn M3 but for now we're waiting for a better entry position.
Energy in the form of XLE continues to ping-pong from green to red on a regular basis, reflecting the continuing uncertainty about both the near and longer term prospects for the energy sector as US shale oil gains a stronger foothold in the markets.  Silver (SLV) also made a nice move today, looking much improved from the depths of despair it recently displayed.