Tuesday 11 December 2012

12pm update - afternoon consolidation

The market is comfortably holding onto the opening gains, which have been added to, as the algo-bots melt everything slowly higher. With the FOMC tomorrow, volume is near zero as almost everyone merely waits for the Bernanke.


sp'60min



vix'60min


Summary

A really frustrating day to see the sp'1430s again. On balance, we're likely to just see minor chop/consolidation this afternoon. Considering we have broken about the old highs, it'd be a little surprising if we managed to close under them.

Metals remain a little weak, despite weak $.
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A mere 2% needed

Now, here is the thing, a mere 2% swing to the downside, and we're right back on the borderline 1400 level.

Yet, it has to be said..so far..there is still ZERO sign of levelling out on the indexes, not least with the daily charts ticking higher again.

The markets reaction to the FOMC tomorrow will likely determine the rest of the year.

t-20 days until the cliff...and with no agreement... VIX 15s. Seriously? 

Time for lunch.
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Ford..looking a little weak. Massive support at the 50 MA, about 90 cents lower.





Ford has had a good run since the summer lows, rising almost 50%.