Wednesday, 5 June 2013

10am update - bulls still have the edge

It looks like Mr Market has again teased the bears, and we're seeing an opening floor spike on the 15/60min cycle charts. If the floor holds, then bulls have a real chance at the mid 1640s later today, and that will open up 1655/60 by the end of the week.





It sure looks like a floor spike to me.

..and we have a black candle on the VIX. Another sign the bulls might be able to whack this market up this morning.

*I remain holding heavy long, seeking the sp'1650s, although frankly, I'd be bailing anywhere in the low 1640s later today, if I can get it.

UPDATE 10.04am.. ISM data comes in okay...but factory orders a touch light.

Market still holding the recent floor, but it sure is a borderline situation.

Considering the MACD cycles on the 15/60min cycles, I still think bulls are going to ramp this higher.

video from Mr Permabull....

stay tuned

10.19am...well, there goes the 1622 floor. Bulls now in major trouble of another 20pts of downside. I suppose it could be a fake-out, but its effectively pointless to even dare think that.

10.33am...bulls attempting a ramp, but really, until we break >1630...bulls remain in serious trouble.

Even more important, bulls need to break 1635, to stabilise things. 

One consolation to the bulls...VIX has so far put in a LOWER high.. but that is very unreliable right now. Will only know later in the day, if its important...

Difficult morning though.