Thursday 5 December 2013

2pm update - battling it out

The indexes remain stuck in minor chop, with the sp -6pts (0.35%). The ongoing declines are still not anything for the bears to get excited about, not least being a mere 25pts (1.4%) from the recent high. Metals remain weak, Gold -$10, whilst the VIX is holding gains of 3% in the low 15s.


sp'60min


Summary

Well, its turning out to be something of a tedious day.

Certainly, bears remain in control of the immediate trend, but the declines we're seeing are only moderate.

Things only get a little interesting with a break <1779, which opens up a test of the 1777/70 zone.

I still don't expect that to be broken.
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Notable strength in TWTR


The big $50 before year end? Just who wants to buy that right now? Even the FB is infinitely more appealing.


2.07pm.. bulls just need to close >1791..to break the near term down trend. It really isn't asking much..so..bears still have real problems on any minor move higher.


2.29pm.. For those on the short side right now...a break <1779...opens up a Friday close in the 1770/65 zone.. That is best case.

Worse case...we close today above down channel.. >1791..and that opens up 1805/10 tomorrow.

Frankly..this is VERY marginal..and hard to call.

If I had to guess..I'm still saying...UP - as based on hourly charts, and recent price action.