Tuesday, 15 October 2013

10am update - minor declines

The main indexes are moderately lower, with the sp -5pts @ 1705. Baring news that an agreement is 'unlikely this week', the market is set for further gains, not least with the usual latter day recovery. QE-pomo of $5bn will no doubt help.



*there should be very strong support around 1690, although that seems unlikely, since the market is even less prone to downside than it was yesterday - when we opened barely 1% lower.

so....looking for things to level out this morning..and a positive close.

*I hold long Oil, via USO....not expecting an exit until Wed/Thursday.

10.21am.. hard to know for sure if the low is already in, but the hourly charts should be fine for upside later this week.

For the bears..no doubt another very frustrating open. Whilst the daily/weekly trends remain pushing higher...it is simply crazy to be shorting this market.

Of course, there are still some suggesting a default..,which is simply nonsense talk.

There will be NO default.

*Oil reversing..offering another reversal candle.

USO, daily2

Should be good once resistance is broken over.