Wednesday 17 October 2012

10am update - mixed opening

Good morning. Its a mixed open, with the Dow lower - due to INTC and IBM slipping over 3%, yet the other indexes are all fractionally higher. Certainly, the mood is a little different out there today.

The VIX opens 2% higher, but..its a small move, and to be largely ignored.


Dow'60min



sp'60min



VIX'60min


Summary

As I noted yesterday, considering the 2 day mini-surge, and the fact its opex week, the best the bears can  hope for is probably sideways chop, with some doji-candle days. Its looking like that is very likely still.

We're only 1.5% away from breaking new index highs, and it sure won't take much to push the market up. more chatter on a likely Spanish bailout is certainly helping prop things up.

Only if the VIX manages to close +5 to 7%..minimum, could I take it even a little seriously. As it is, it could easily close red, and merely continue its current general 5 day decline.

back at 12pm