Monday 10 September 2012

12pm update - holding firm

Market is very content to hold and trade sideways today. It makes for a pretty good bull flag on many of the indexes.

In theory, we should see a further up wave tomorrow, and considering the broader trends, sp'1445 could be the near term top. First downside target would be 1420.


sp'60min



sp'daily5



Summary

I remain patiently awaiting, seeking a re-short around 1445 tomorrow afternoon. I am very tempted to be short ahead of the German court. Not because I assume a 'nein nein nein!', but from a cycle perspective, we are way due at least one major down day.

VIX is a touch higher, but its all noise of course.

back at 2pm