Tuesday 3 February 2015

10am update - bear train wreck

US equities have managed to ramp almost 60pts across just six trading hours. VIX is reflecting the move, having swung from 22s to 18s. Metals are cooling as market confidence returns, Gold -$10.


sp'60min


sp'weekly2


Summary

*especially concerning.... the weekly candle has flipped from red to outright bullish green.
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So.... all that is left now is the 50dma of sp'2044... then declining resistance (daily cycle) 2050... and finally 2064.

Utterly tiresome.... who the hell wants to short against this?  Bears really needed to hold the bounce to 2025.... total FAIL.

Notable gains...... well, just about everything.

10.01am... factory orders -3.4%... a clear miss