Friday 20 July 2012

3pm update - who wants to buy into the weekend?

With the closing hour ahead, who really wants to 'buy the dip' ahead of the weekend? It will be interesting to see the closing action today.


sp'60min


Summary


The VIX is somwhat off the highs, +7%, can we close at the high of the day +11/12% ?
--

I will bail near the close, if I can get 1357/55, otherwise, I'll be content to hold into Monday.

What matters most though, the daily cycle IS rolling over today...next week is the opportunity the bears have been waiting for.

More after the close.
--

UPDATE 3.15pm

Just a possible bear flag (pink) setting up..that might play out Monday..and then a bigger move lower on Tuesday to 1350/40