Thursday 23 May 2013

12pm update - partly QE inspired bounce

This mornings bounce is natural, but is no doubt also being fuelled by the latest 3-4bn dose of POMO. That market looks set to battle higher for another 2-3 hours. Best guess is sp'1655/60, by 2-3pm, and by then, the VIX will be red. USD is very weak, -0.8%


sp'15min


Summary

Everything looking on schedule.

First upside resistance, the 15min'  10MA of 1568..but that is falling fast.
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VIX update from Mr T.




Market continuing to rise...
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12.33pm... sp'1660 looks just about possible, I'd be very surprised if we manage anything >1665. A close in the 1670s would be.. problem, but the daily charts all suggest Friday could be market carnage.

I remain watching...no hurry..yet.

12.40pm.. minor down cycle..could be a B wave.

The patient bear..gets the better price (usually)