Tuesday 2 July 2013

12pm update - melting higher

The market is holding moderate gains, with the sp' on the border of breaking the 50 day MA for the second consecutive day. A daily close >sp'1625 will open up 1650/60s within the near term. For the bulls, this is simply 'normal service' resuming, with a huge QE tomorrow morning.


sp'daily5


Summary

Indeed, with low holiday volume, there is now zero possibility of <1600 this side of July'4..

Its just another pathetic bear failure.

--
Reading around, its kinda laughable how much bearish hysteria is out there.

As I keep saying, despite the chatter, QE continues..IN FULL. Until that stops, the default trade is still on the long side.


VIX update from Mr T




Customers moving into Aug/Sept. July calls..pointless.


12.25pm..well, bulls have failed on another attempt to break/hold above the 50 day MA.

Hmm, a long afternoon ahead though.

Baring a close <1610, I won't be the least bit confident about tomorrow/Friday.