Friday 23 August 2013

10am update - opening gains failing

The main indexes all open moderately higher, but we're seeing some initial signs of a failure. Black candles all over the place on the smaller 15/60min cycle charts. VIX is -1% lower


sp'60min



vix'60min


Summary

*in addition to the opening black candles on the indexes, we have a corresponding hollow-red 'reversal' candle on the VIX.
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It remains choppy out there, but bias should be to the upside for the market into early next week.

Regardless, I am not getting involved in this minor mess.
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Yellen due to speak soon..along with some homes data.

ohh..and the $3bn of QE is about to be distributed...