Friday 1 June 2012

12pm update - bounce...underway

The day-trading bears have had all morning to cash in. We're still due a bounce to sp'1295/1300. Bears will be seeking a close at least under 1300 - which would open up targets of 1225/00 within 5-7 trading days

The VIX remains really bizarre, and was actually red just earlier. I'm not sure what to make of this. VIX 'should' in theory have opened up 20% to around 29. Instead, 8% to 26.


VIX'15min



Sp'15min


Summary

Today is interesting so far, the econ-data confirms my overall underlying view - and also my primary monthly cycle target of sp'1100 within a month or so.

I remain looking to re-short after 2pm...preferably sp'1295/1300 or higher.