Thursday 17 April 2014

3pm update - opex chop for the Easter Bunny

US indexes look set for subdued price chop into the close. A long 3 day weekend is ahead, and there is little reason why we'll close anywhere different from current levels. A weekly close in the sp'1860s would be a major victory for the bull maniacs.


sp'weekly8


Summary

I think the above chart says it all. Keep in mind, we had a second red candle for Mon/early Tuesday, and many - even the bulls, were largely resigned to a brief foray <sp'1800.

Yet..here we are..on the edge of breaking into the 1870s...testing the fed minutes high of 1872.

As ever..this remains a fiercely nasty market. 
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I should note though, I still think there is very high probability of a major multi-month decline this year, but clearly....May now looks to be largely bullish.
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Notable weakness in the metals, Gold -$7


3.24pm.. A weekly VIX close in the 12s ?   Incredible, but then, even the low 15s seemed 'low' just two days ago.


3.34pm.. woop woop... you crazed bull maniacs!