DOW continues to push, gapped up over resistance and near highs. DOW Futures closed on highs too. If it can settle back on resistance quietly will be ideal for another push upwards.
VIX finally found some legs and pushed out of downtrend pressure. Lets see which way it moves from here. I still think itll move lower towards green support.
Mining Index turning around slowly, looking stronger. Lithium ETF's hit on back of Morgan Stanley claiming Lithium Prices will half by 2021 to $7,332/tonne with production cost of $7,030/tonne. Sounds a little bizzare of a prediction to me. If the margins are going to be that low I'd assume SQM or Albermarle will follow Glencore's strategy with Zinc - halted 1/3 of production in 2015 and you can see zinc spot absolutely pumped. Regardless, $7,332/tonne seems ridiculous to me, but I dont know much anyways nor does market care what I think lol.
Anyways all that washed out money from the 05/02 and 06/02 panic dumps should move back into market soon enough - either via careful accumulation or FOMO. Should push markets higher. DOW's action should also drag ASX slightly higher too I assume.
Cheers
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