Monday 16 July 2012

1pm update - afternoon meanderings

A choppy start to the week, things will probably be somewhat clearer by opex Friday ;)


sp'60min



VIX, rainbow


No sign of a turn/blue candle on the VIX rainbow chart yet.


Summary

The hourly cycle easily permits a decline down to around 1345 by the close. That would be a little problematic to the bulls who want to break >1374, and they sure won't want a close in the 1330s!

With the Bernanke due to speak tomorrow, its not exactly a low risk trade for either side right now.

As I like to say..the good bear is a patient bear.