Friday 2 November 2012

3pm update - Permabear seeking 1411

The indexes are showing their weakness again, as backed up by the big weekly and monthly cycle charts. Even AAPL is participating in the decline, now in the low 580s. VIX remains largely unimpressed so far, and won't likely explode until we are sub'1400.


sp'60min



sp'daily5


Summary

Seeking a close under the Wednesday close of 1412.

If that is the case, it would form a giant bearish engulfing candle, and suggest next Monday opens...'considerably lower'.

Back after the close.