Friday 8 March 2013

10am update - opening reversal?

Good morning. With the jobs data coming in much better than the crowd expected, we indeed have jumped higher straight into the 1550s.The Rus'2000 index is suggesting this opening rally is already failing. Dollar is significantly higher, metals were whacked lower in pre-market.


sp'daily5



VIX'daily3


Summary

*R2K is offering a failed opening rally...


Metals are also offering an opening reversal...

SLV, daily2


I'm adding at that level, the 29s remain the target.

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There is no hurry, and I sure won't be shorting the market into the weekend.

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UPDATE 10.01am..

I'm actually kinda amazed at the power of the reversal in the metals.

SLV has snapped higher....which is kinda amusing, after my second buy @ 27.60.



I'll look to close out later in the day..

UPDATE 10.15am...that was on crazy open in Silver...


I exited at 28.20....incredible end to the week!
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UPDATE 10.55am ...market kinda stuck @ sp'1545....seems like the euphoria is fading.

underlying daily trend is STILL upward though, so I'm guessing we melt higher into the close.
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As for Silver..its toppy on the 15min...



Anything in the 27.80s...would be awfully tempting