Tuesday, 2 July 2013

3pm update - daily trends starting to turn

With a series of negative stories piling up, the market is under increasing pressure. The repeated failure to clear the 50 day MA is posing a real problem for the bull maniacs, and with the break <sp'1610, the daily equity/VIX trends are starting to turn.




So....with the failure to keep pushing higher, the bulls are surprisingly already in danger of losing the big sp'1600 level.

I don't expect a daily close <1600, but it sure now looks viable early tomorrow, although there is that huge QE-pomo to be cautious about.

Oil..almost breaking $100...bullish economy?

3.24pm  Queen cheerleader on clown TV  '..we're off the lows'. 

3.34pm.. sp'1608...hmm,  a shame we're not getting a close <1600, but an overnight futures gap down will easily do it.

1590s should offer 1570s by Friday, but that really is 'best bear case'.