Thursday, 26 September 2013

1pm update - fed speak helping the market

The main indexes are trying to resume earlier gains, with the bulls battling for a daily close in the sp'1700s. If that is achieved, it opens up new index highs within the next 3-6 trading days. VIX is showing no concern, and looks set to close red in the 13s.



I'm calling a floor at sp'1691.

If we close today in the sp'1700s, that should be enough to confirm that the 5 day down wave is complete.

Since last Thursday the bears have shown virtually no downside power, and the VIX has reflected this.

Upside target of October is somewhere in the 1750/75 zone, although yes, the 1770s look a long way up right now.

FB, is naturally still climbing.

We're now in the $50s...and the $60s look an easy target by end year, not that I'd ever buy one of those hysteria-surrounded social media stocks.