Tuesday 5 February 2013

10am update - failed opening rally?

Good morning. The market opens moderately higher, and we're back in the sp'1500s. I'm guessing this rally won't hold long though, and we'll close at least moderately red. The dollar is noticeably higher for a second day, although the metals are seeing slight gains.


sp'60min



sp'daily5



vix'daily3


Summary

So..lets see if this opening rally fails.

It had better, or the bears face the humiliation once again of seeing a 1 or 2 day pull back..only to result in the rally restarting yet again.

Give it a few hours to fail.

Bears dearly need a close in the sp'1480s, with VIX in the 15s.