Tuesday, 28 January 2014

10am update - market wants to claw higher

Whilst the daily and weekly cycles are pushing lower, we're more than due a bounce...into the sp'1800s. Metals are higher, Gold +$3, whilst Oil has jumped a rather significant 1.5%. Equity bears look to have problems until Wednesday afternoon.



With Durable Goods Orders coming in weak, the chatter is about a possibly weaker than expected Q4 GDP - due Thursday.

Then there is the issue of Fed taper'2. All things considered, ironically, it'd probably more upset the market if the fed don't cut QE.

However, another $5bn less of POMO money each money is going to be further lessen the chance of new highs.. >1850.

Notable movers: AAPL, -7%,  STX -9%

STX, daily

I've yet to check the detailed results, but still...it remains under-valued relative to the main market. In terms of price...with a break under the 50 day MA...a natural move would now be to $47/45

10.37am... chop chop....but you can see...the pressure is there..for a bounce...

target remains 1810/15...by Wednesday afternoon.