Tuesday 28 August 2012

12pm update - mixed...awaiting direction

Its turned into a bit of a mess. What should have been some reasonable declines have again been derailed with renewed talk of ECB meddling.

VIX is weak, it remains an utterly fearless market.


sp'daily5



vix'daily


Summary

With so little sellside volume, it seems near impossible to even get dow -50pts for more than a few minutes. It still looks reasonable to hit 1380 by Friday morning, but if thats the case, the smaller cycles will be so oversold, we'd surely get a very strong snap higher.

Rarely easy, and until we get to mid-September, it is indeed a bit of a mess.