Tuesday, 10 December 2013

11am update - bears look weak

The indexes have already reversed most of the opening declines, and the sp' looks set to make a challenge of the recent 1813 high. A daily close in the 1820s looks very likely Wed/Thursday. Metals are holding gains, but are clearly stuck at the old broken resistance.




*VIX is higher, but I think that is to be dismissed as spurious, not least after the closing minute smack-down yesterday.

Frankly, bears just don't look like they have any downside power. As I have noted for the past few days, with no real news due this week, market is more likely than not, to just battle upward.

For those desperately still hoping for a C wave lower..I just don't think its viable.

Notable strength in TWTR, FB, NFLX, TSLA...all the momo stocks are having a strong morning.

11.22am.. FB breaks into the $50s... TWTR is holding $51s..and NFLX =2%.

The momo stocks really are in favour this morning.