Friday 21 September 2012

3pm update - a witchy closing hour

The closing hour of quadruple witching option expiration. Whilst the transports is continuing to collapse, the main market is still holding up very well.


sp'60min



transports, monthly


Summary

Another tiresome week for the bears. I suppose it could be said at least we have not soared 'to da moon', but still, everything - besides the tranny, is outright bullish.

If I sound despondent, its because I am. Why aren't ALL the bears shorting the transports. Clearly that's the only index that now seems 'allowed' to reflect reality.

With the transports breaking multi-month lows, to think that we have the VIX -2% in the 13s.  sigh.

A little more after the close.