Thursday 21 June 2012

10am update - seeking significant weakness

A mixed open, but I'm looking for a significant move lower as the day progresses. A rough target zone is 1340/35. That is a good dow -125/150pts lower, and that is arguably a somewhat bold call right now.

*four pieces of econ-data due at 10am...looking for that to motivate the market lower.


sp'15min



sp'60min



Summary

I will look to exit if we get 1340/35 at some point today, and then reassess.

*WTIC oil broke $80...and I've posted on this issue lately. The break of 80..opens up $60.

Yes..$60 oil...is coming.
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More later

update 10.37am...stopped out of index puts..@sp.1349.   I'm not happy with the 15min cycle, its looking a little low. Will re-short in 2-4 hrs