Thursday 24 January 2013

2pm update - turnaround Thursday?

The main indexes are showing a touch of weakness, but obviously, its still nothing significant. Even a drop to the low 1480s would do no real damage to the accelerated uptrend. The one marginally bearish aspect today..the VIX..back in the 13s..with potential for 15/16 in 2-3 days.


sp'daily5



VIX,daily3


Summary

Impossible to guess if this is anything of significance, we could easily see latter day algo-bot ramp - as we have for the past 3 weeks.
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Bears need a daily close <1480, and clearly, that ain't going to happen today, but perhaps..tomorrow.

*metals remain especially weak...and my overall outlook is for a fifth wave lower to GLD 158/55..probably across the next 2 or 3 weeks.