Thursday 27 March 2014

10am update - opening weakness

US indexes open moderately lower, into the low sp'1840s..as expected. VIX has broken to the 15s, whilst metals are weak, Gold -$3. Equity bulls have some QE this morning to postpone much deeper equity declines... if only for a day.


sp'daily5


vix'daily3


Summary

*I exited (somewhat overly early) my secondary short block..but hey..a gain is a gain, so I should try to refrain from any whining. Besides, I remain heavy short..via SDS.
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I will look to re-short a secondary block on ANY bounce..preferably in the 1850s...later today.
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So...with sig QE this morning...lets see how high the bull maniacs can bounce this nonsense.

Bigger target remains 1800/1790..and that does look pretty likely.


10.07am.. QE money should be kicking in soon...and we're already around 1850.

I'm looking for 1855/60 by 2.30pm..which looks well within range.


10.09am...they got the bears running for cover now ! 1852 already.

10.23am... considering the current rebound..looks like 1863/65 is viable today.


10.29am... unless we break into the 1870s today..I just can't see this as anything other than a QE fueled 'stupid bounce'.

Regardless...lets see where we are trading into 12-2pm.