Friday 23 August 2013

11am update - choppy end to the week

The opening gains failed...but with underlying upside bias...we look set to close in the sp'1660s. VIX will likely melt lower into the weekend, although 13s look unlikely today. Metals are strong, with Gold +$17, Oil is building gains.. +0.7%.


sp'60min


Summary

A messy opening 90 minutes, and now we're battling higher again.

Yes, I'm still touting the bounce..and yes...I ain't getting involved today either.

I'm tired of trying to play the smaller cycles, and will merely look for a trade from 1680, down to 1600/1575 across the next 2-3 weeks.
--

stock of the day... MSFT

MSFT, daily


*see post by Armstrong

I certainly agree with Mr A's point that we need a real competitor to MSFT, if only for 'personal security' reasons.

The current black candle is not the most inspiring of sights, but it should hold up..whilst the main market battles to the sp'1680s.