Friday 17 January 2014

10am update - churning in a bull flag

Market is just seeing some minor chop...within what is very likely a bull flag. Regardless of today's close, the broader up trend remains very much on track, with a target zone of sp'1860/80 by end month. Metals and Oil are both higher by 0.4%. VIX looks set for a weekly close in the 12.25/11.75 zone.


sp'60min


vix'60min


Summary

*more than anything..keep in mind, its opex...and with next Monday being closed...could be some real chop as people close out ahead of a 3 day weekend.
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VIX hourly chart is truly bizarre, when you consider those big swings are merely in a super tight range from 14/11. Even the mid teens are hard to envision for some weeks. The 20s look damn difficult at all this spring.

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Notable early weakness in GE, INTC, RIG, the latter of which now looks an utterly broken stock.

Strength: TWTR, +6%...naturally, the momo chasers are piling back into that one. URghh


10.29am... well, we're coming up to the typical turn/floor time of 11am... 1839 would make for a fair floor of a micro'2 - or however you want to count this nonsense.

Regardless...whether later today..or next week...we'll start putting in some daily closes in the 1850s...and beyond.

notable strength in MS, +3.8%.