Monday 4 February 2013

11am update - still not enough power

The bears are still embarrassingly weak. Six trading weeks....and still can't get a decline - even briefly. of 1%. VIX is 8% higher..but still in the 13s. Dollar is higher...but the metals are showing a little strength, Gold is already back to green.


sp'60min4 - retracement fib levels






VIX'60min



Summary

Even if we do break <1500, we'll get stuck around 1495, and then a multi-hour bounce to what...1505/10?

Its just no good for the bears when the declines are barely 1%..and then the POMO $ will kick in later today.
-

From the bearish side of things, its still a waste of time.