Wednesday 20 February 2013

12pm update - moody cheer leaders

Mr Market is seeing a little more weakness, but we're still holding within the near term up channel. Bears need to break <sp'1515 to offer any hope of 1500/1490 - the latter of which is where we'd very likely get stuck. Metals remain very weak, with higher dollar not helping!


sp'daily5



vix'daily3



GLD, weekly



SLV, weekly


Summary

The weird thing about this morning is the mood change on clown finance TV. For weeks now they've been guns blazing bullish. Barely a word of caution. Yet today..all I saw was perpetual negativism. It was as though they've been handed a new script 'we're going down..be negative about every story!'.

Regardless of those deluded maniacs though, market does look weak, and even VIX is starting to break a little higher, but that gap zone of 16-18 looks a million miles away.
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*FOMC minutes @ 2pm, thats the main event of today, and will shape how we close..especially the metals!
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VIX update.




back at 2pm