Friday 18 January 2013

2pm update - indexes near the ceiling

We are probably near the ceiling for the indexes. I don't expect yesterdays sp'1485 high to be taken out today, getting stuck around 1482/83 ? VIX 11s look just too far out of range. Metals showing some weakness now.


sp'15min



vix'15min


Summary

The smaller cycles are very clean today...it almost seems too straightforward.
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Still seeking a retracement in the indexes to the low sp'1440s, with VIX at least in the low 16s, which now seems viable late next week.
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Despite a 3 day weekend ahead, with the smaller cycles as they are..I think I might pick up that VIX call block. March 19s look nice.

updates...as necessary...

UPDATE 2.30pm .  5 little waves on the VIX ?

vix'5min cycle



Maybe a truncated fifth wave, by 3.30/45pm  ?

As it is, I'm still waiting.