Monday 10 March 2014

3pm update - underlying upside

Despite the main indexes holding moderate declines, the underlying upside pressure is still clearly there. Equity bulls are a mere 0.5% or so from breaking new historic highs on a number of indexes, and the VIX continues to reflect a market that for the moment..has no concern of anything.


sp'60min


Summary

*underlying MACD cycle is low..and there is very much the threat of new index highs this week.
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A quiet start to the week overall..and I realise many out there haven't even booted up their trading screens today.

Many seem equally content to wait and see where we are next week..at the FOMC.
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DRYS is starting to look somewhat ugly


With a break <$3.80/78...I'm no longer interested. Price action just looks weak.
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3.31pm... the chop continues.

Meanwhile...coal miners remain exceptionally weak, ANR, BTU..breaking new lows...monthly charts look dire.

3.53pm.. nasty market..wants to close green..  poor bears :(   Oh well, only another week to go.