Wednesday 17 April 2013

Closing Brief

The market saw significant declines in the early morning, but appears to have formed an immediate floor @ sp'1543. Hourly charts offer general upside into the coming Friday opex. The VIX closed higher, but around 1pt lower than the high. USD was sharply higher.


sp'60min


Summary

An interesting trading day, and I have to say, I'm rather pleased that it seems the count was right after all.

The really exciting aspect if that if correct, if bodes for a severe wave'3 down next week.

First things first though, we need to see another up cycle into Friday opex.
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*Having exited a heavy SPY short position in the early morning, I hold Long Oil (via USO) overnight, seeking an exit in the 32s.

I'm seeking a VERY heavy re-short late Friday, of the indexs, VIX (long), and USO (short).
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the usual bits and pieces across the evening. If I have time, I will add a closing chart on where we might go next week...