Monday 10 September 2012

10am update - big week ahead

Good morning. We have a big week ahead, with the German court ruling on the ESM (Wednesday), and the FOMC (Thursday, 12.30pm).

The opening declines are to be treated as noise, near term trend remains UP.


sp'60min



sp'daily5


Summary

Primary target is sp'1445 tomorrow, at which point i'll look to re-short this nonsense market. There seems a very viable likelihood of at least one major down day, if only to shake out the weaker bulls.

I'm not expecting anything today, a flat close, or fractional green closes across 'some' indexes seems likely.

VIX is flat, looking for a jump higher Wed/Thursday.

It does look like today and tomorrow will provide good opportunities for everyone to re-position.

Back at 12pm.