Thursday 25 April 2013

11am update - bears getting burnt

Opening minor gains are being built upon, and the market is disturbingly back in the sp'1590s, with VIX in danger of losing the 13s. Notable mover is the USD which has strongly rallied from opening declines after expectations by GS of an ECB rate cut. Metals holding strong gains.


sp'60min



vix'60min


Summary

Its really starting to get ugly out there, and if we start breaking new index highs - not just on the SP'500, then a LOT of charts will have to get trashed at the close of today/tomorrow.

I suppose this could just be one of those extreme capitulation moves before a big turn, but still, for those bears still out there, today is really starting to get annoying.


*Oil is kinda flat again...


A full back-test of the original H/S neckline @ 33 seems the highest it can go. Unless you think Oil is going to ramp >$100 this summer, this is arguably in the re-short target zone.


11.27am... we seem stuck at 1589/90.   Oil is still rising though, and coming up to test the old USO neckline of 33.00