Monday, 26 August 2013

3pm update - quiet end to a quiet day

The main indexes are holding moderate gains. Importantly, the two leaders - Trans/R2K, are both higher by around 0.5% - equivalent to Dow +80pts. Bears should remain cautious ahead of two large QEs, and what remains a continued bounce from the sp'1639 low.



Bulls should merely be content with any close about the hourly 10MA of 1665. That looks pretty reasonable.

The only issue is whether the market can break into the mid 1670s tomorrow...I'm guessing yes.

Yet, I want a re-short in the 1680s....I remain in no hurry, during what is a subdued market.

*a red VIX close would complete what has been another pointless day for the bears.

3.15pm..hmm, a micro-snap lower. Kinda surprising, oh well, that'll wash out the day-trading bulls. Shame.

3.25pm..seems Mr Market is upset with Kerry...and now the Ruskies are going to get annoyed.

The 50day MA has been soft support.. sp'1650.

Kinda interesting end to the day after all ! trying to form a spike-floor.

I'm still not interested..not least ahead of the two big QEs.

As ever...'don't get lost in the noise'. Yes, the closing drop is interesting, but that only has most indexes -0.25%.

Bears have NO excuse to not be cautious ahead of tomorrow.