Friday 31 August 2012

12pm update - fiercely choppy

What a semi-horrific mess its turning out to be. I guess this is one way to lead into a 3 day weekend

Early dow 110pt gains collapse to near evens, now we're back to +120pts, with the VIX -3%, the dollar is getting smacked lower, with most indexes up around 0.75%.


sp'60min



sp'daily5


Summary

A real mess, and the immediate hourly cycle trend is starting to look toppy again.

Downside target is 1385/80 still, but thats assuming a new multi-week rally is not beginning today.

Very unreliable trading day.

*Metals are making clear breaks higher