Tuesday 30 July 2013

11am update - market wants to battle higher

Despite the weakness out there - apparent across the last two weeks, the market still looks set to go a little higher. Metals remain weak, along with Oil -1.1%. A 'brief' move into the sp'1700s still looks viable on FOMC Wednesday.


sp'60min


Summary

Not much to add, its a relatively quiet morning, but pressure still seems to be on the upside.

After all, bears are only able to ever manage moderate declines before the market battles back.
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VIX is now red..although the 11s now seem unlikely, even if low sp'1700s.
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FB continues on its quest to claw back to the IPO $38 level.


Arguably a hysteria stock, to be left alone, and merely watched for entertainment purposes.