Tuesday 17 July 2012

1pm update - PBD (post bernanke depression) ?

A pretty dynamic day so far...sp+7..then -8...now +7 again. With the VIX -5%...bears certainly are not in control of things right now.

The daily chart is pretty clear, we're still in an uptrend. The only issue is whether we get stuck before 1374, I'm guessing we do.


sp,daily'5



sp'60min


Summary

Market seems to be holding up quite well, but will Mr Market be a little upset now that the Bernanke is gone? The good news...

Benny returns tomorrow at 10am.  Oh yeah! The fun never ends!
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We could certainly see a few hours of chop this afternoon, but I'd guess we close around current levels, and that opens up 1365/70 tomorrow. No point shorting ..yet, as those TVIX/UVXY players are again realising, urghhh.

More later!