Monday 29 July 2013

11am update - bears are still weak

The market is holding moderate declines, but like the previous one thousand trading days, there is little reason why the bulls won't manage a latter day rally. Precious metals and Oil remain somewhat weak, despite the probability of QE-taper this Wednesday effectively zero.


sp'60min


Summary

There really isn't much to say, other than the bears have again managed morning declines, but...why will we not rally into the afternoon, as we have so many times before?
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Still no significant power on the bear side...sp'1710/20s still the target.
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*I'm still long SLV, but if it breaks <19.00...I get the boot.
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Notable movers so far today, AAPL and FB, both significantly higher, and that doesn't bode well for those equity bears looking for downside into the Monday close.


11.28am... possible inv H/S setting up...more clearly seen on the 15min cycle....



bulls MUST hold 1680...I'm guessing they do.