Thursday, 30 May 2013

2pm update - still stuck

The market has been stuck for the past four hours, and is arguably due to rollover into the close. Whilst the indexes are flat lining, the VIX did break a new low, and is now -2.6%. Bears really need to see at least half of the current equity gains to evaporate by the close.




Oscar would say 'flat tops equal market drops', although I'm not sure he'd apply that to an hourly cycle. We certainly remain stuck, on what is a day without any significant QE.

With two hours to go, there is still time for some distinct weakness, but there is no sign of it yet.

Gods forbid some kind of last hour ramp, a close in the 1670s would really be a problem.