Thursday 3 October 2013

3pm update - closing action mini mayhem?

The main market is becoming increasingly unstable. Minute by minute price action is getting wilder, and despite a significant bounce from sp'1670 to '83, the momentum is with the bears. Daily/weekly charts are looking ugly, with the break <1675. VIX in the 20s...is now viable in the very near term.


sp'60min


VIX'60min


Summary

*with the break below 1675 support, I am resigned to much lower levels, and am now on the short side..will hold into late Friday.
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Regardless of how we close.. the bears showed their first decent downside power since June. With the VIX in the upper 18s, I have to think market is in dire trouble.

Lets see if we see some renewed selling into the close!


*clown finance TV..with coverage of some incident. I guess not everyone likes Obamacare.

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3.15pm..market stuck around 1680. Certainly, we look set to close below yesterday, and with the break <1675, the damage has been done.

Friday should, be a day for the bears to make a stronger push downward.


3.30pm.. Bears should be seeking a daily close under the 50 day MA of 1679 !



30mins to go...still looking for late day micro wave lower


3.51pm.. sp'1680.....well, I'm short the indexes (from an hour ago)..and will hold overnight...

back at the close!