Thursday 14 June 2012

10am update - morning chop

Market is trying to rally on the new 'hope' that 'hey, Greece will form a progressive coalition that will soften the austerity terms!', and the Fed will both extend QE-twist and overtly hint at QE3. Yep..its all looking like sp'1500 by year end.

Those maniac cheerleaders on the clown networks are really going for it so far today! Most of all, I look forward to viewing them when they are once again all on suicide watch when the sp hits 1100 within the next month or two.


Sp'60min



VIX'60min



Summary

VIX is holding up - but starting to look a little spiky-toppy, we have a busy options market with high demand, doubtless due to both those Greeks and the Fed next week.
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I am probably going to remain sitting on the sidelines to re-short until AFTER the Fed' next Wednesday. There is too much risk to go long across the weekend - even though I believe market still has a very high likelihood of snapping higher to my sp'1350/60 target.