Friday 7 February 2014

2pm update - VIX continues to collapse

With the US market having no concern for weak jobs growth, the VIX has continued to collapse from a Monday high of 21.48, now in the low 15s. Sp' looks set to close in the 1790s...just over 1% from re-taking the 50 day MA. Metals are holding moderate gains, Gold +$6


VIX'daily3


sp'weekly8


Summary

*still a third red candle on the weekly charts, but we're set for a net weekly gain on most indexes (the exceptions remain the two leaders, Trans/R2K
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VIX is highly suggestive of 'bears go away..come back..in a month or two.


A late day update from Mr T.



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The only thing stopping the bulls from climbing across next week is..the Yellen. So long as her script writing team don't have her say anything stupid, market looks set to climb higher.
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Momo stocks are all doing well...here is one notable climber....

NFLX, daily


a new historic high. Would the $500s now be viable by late spring for Q1 earnings?  I realise its at the top of channel, but still, it would make for an overly risky short.


2.18pm With continued strength, the Trans - old leader, has just offered the first real turn on the weekly charts.  more on that later.

Notable weakness, UGAZ -14%...weekly nat' gas charts would suggest a further 15% to go.