Wednesday 7 November 2012

3pm update - closing hour collapse?

We have seen a very reasonable sp 14pt intra-day bounce, and that was very likely it for the bulls. Next downside target is 1380..where we have the big 200day MA. It is important to recognise that most other indexes have already broken the 200day.

It seems VERY unlikely the sp' can hold 1380 tomorrow.

Primary target..within days...sp'1345


sp'daily5


Summary

I am short, and holding overnight, seeking 1380 early tomorrow morning, if not considerably lower, with VIX 20/21

*I hope the rest of you are having as good a day too.

back after the close

UPDATE 3.20pm

VIX is battling back..a close in the 19s would be useful for the bears.