Thursday, 14 June 2012

11am update - an attempt to break over the flag

Market is due to go positive cycle in this next hour. A move above 1327/28 would probably offer a chance to test the recent 1335 high. Considering the chop-fest that we are in, I'd be surprised if we can break and hold over 1335.

Its quadruple witching tomorrow, so the chop is likely to continue into the weekend. Everyone is waiting to see how the Greek elections go..and how the market reacts to it. Clearly, a move over 1335 early Monday would be a buy signal - at least for a few days.




Holding to primary target of 1350/60 for wave'2, ...and primary target for wave'3 of 1150/00 by late July.

The latter target being based on the grander monthly cycles of the indexes, VIX, Oil, precious metals, and currencies. ALL of them suggest a major smack down in July.

A somewhat quiet day so far.