Tuesday 11 December 2012

10am update - major bear fail

With the market opening over key resistance of sp'1423, bulls now have open air into the 1430s..and beyond. With volume so low, the algo-bots are back in control, and hey, everything is fixed in the western economies, right?


sp'daily5


VIX, daily


Summary

I have to wonder if Bernanke is back to buying ES mini contracts in the overnight sessions. We were sp-5pts last night, and we're now +9pts.

What a lousy stinking day its already turned out to be.
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Lets be clear about one thing. Any 'serious money' on the bearish side just got short-stopped >1423.

I suppose this nonsense could all go into full reverse later today, or after the FOMC tomorrow..but there is ZERO sign of that.
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Bad day for the bears. it could simply...just keep on going higher.