Monday 14 January 2013

12pm update - minor choppy Monday

It remains a very quiet opening to the week. The market is still stuck below the key sp'1474 high, but is certainly not showing even any moderate momentum to the downside. VIX remains in the lowly 13s, with the dollar a touch lower. Metals are higher, but really..its a day of..nothing.


sp'60min - retracements



sp'daily5


Summary

Late day weakness? With the VIX so low, you'd have to think the probability is more likely on a little weakness into the close.

Yet, there seems no power either way.

Perhaps a simple doji candle on the daily charts would indeed be the close fitting to start the week.

*I remain short, seeking the low sp'1440s later this week. Thats barely 2% lower, and it would seem, thats all the bears can realistically hope for.
 --

UPDATE 1pm

Market remains mostly dull..a few notable aspects..

BTU...breaking the rising trend..and showing renewed weakness today. Obvious target is $20..but thats going to be tough to hit, if the market only retraces to 1440..even 1425.



VIX remains flat...still waiting for a brief spike into the 16s


RIG, a black warning candle of a top...



A few days lower, before renewed strength into Feb/March? Probably