Tuesday 28 October 2014

3pm update - grinding the bears to dust

Mr Market remains in slow motion algo bot melt mode, with a new cycle high of sp'1977, with VIX -6% in the low 15s. Metals continue to look increasingly weak, Gold +$0.70. Oil is building moderate gains of 0.7%


sp'60min


Summary

Well, a daily close in the sp'1970s looks pretty likely, and that is a big problem for those seeking a renewed wave lower.

Even if we do see a reversal from the FOMC tomorrow... I'll be highly suspicious that we'll get stuck somewhere in the 1920/00 zone.

..its not the most pleasing of thoughts.
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Notable weakness, FB -0.8%... ahead of earnings.


The daily MACD cycle is a lousy setup for the bulls... viable downside to the 50dma... if not the 200dma.

One to watch...at the close....
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3.14pm.. King O' speaking on Ebola... 'everything is fine'..... so yeah... its fine now... nothing to worry about.

Meanwhile... algo-bots are pleased.... sp'1980... VIX 14s.


3.32pm... Dow making a play for the 17k level. Just 2% away from a new historic high, which is roughly the same for the sp'500.

VIX -9% in the 14.50s.... we're back to the crushed low teens again. Incredible