Wednesday, 4 September 2013

10am update - choppy open

The main indexes open with some mild chop, yet the bulls are comfortably holding above yesterdays low. On balance, market looks set to close in the sp'1650s, with VIX in the 15s. Precious metals are weak...having tested old resistance.




Well, as a self proclaimed permabear, I have to note, I sure don't smell any trouble out there today.

Bulls should (in theory) be able to battle the market higher today.

So long as the algo-bots like the Fed beige book this afternoon..the market should be able to close in the 1650s...and that opens up a test of 1660 -where the 20 day MA is lurking.

10.16am....amusing to see the cheerleaders on clown finance TV get mildly hysterical bullish again.

As it is, a break >1652...will open up a test of 1660/62...I do NOT expect 1670 to be broken in the near term.