Monday 29 April 2013

10am update - waiting for weakness

Market opens moderately higher, but there are signs the indexes will see increasing weakness across the day. Main problem for the bears is the weaker USD. Metals and Oil are higher, but well below their earlier highs.


sp'60min



vix'60min


Summary

Daily charts (not shown) are still to rollover, so lets be clear...bears can't be the least bit confident yet.

Worse, any break >1592, and that would really mess things up for my mid-term outlook.

Bears need a close <1570, with VIX in the 15/16s.
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*I remain heavy short, via SPY & USO. Seeking a break <1536 within 5-7 trading days. Primary target is sp'1485, with VIX in the low 20s.
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10.15am.  sp'1590.. we're right on the border again. Anything >1592..and we'll spiral much higher.

Urghh, this is starting to get annoying again!


10.30am.. sp'1592.64 was the Thursday high, and we're barely 1pt away.

Dow/Transports..already ABOVE the Thursday high.

The sp'1600 believers will be appearing all over the web within the hour. I can't say I blame them. This ain't looking so good.