Wednesday 27 February 2013

11am update - morning ramp

Mr Market is picking up a little momentum. The hourly index charts are seeing some bullish signs..and thats all being confirmed with a VIX that is down another 10% - after yesterdays big decline. Metals remain weak.


sp'60min



vix'60min


Summary

Clearly, near term trend remains upward..and there is no point in shorting this..yet.

Bulls should arguably be tightening stops..in case of a reversal, which could easily come at any time.
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*I've a soft target for the VIX of 15/14.50 within the next few hours.

If we can level out on the MACD cycle by 3pm..I will seriously consider a re-short - for a fifth index wave lower across Thurs/Friday
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back at 12pm