Wednesday 12 February 2014

3pm update - weakness into the close

The market has vainly tried to rally, but only managed minor weak chop. Equities look set for weakness into the close, although the 50 day MA of 1809 looks out of reach until tomorrow. With no sig' QE-pomo until next Tuesday..the bears do have a window of opportunity.


sp'60min


Summary

*VIX turns positive again, a close in the 15s would be..useful.
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Things look on track. Bulls tried to push a new  high, but really, no one wants to buy >1820/21.

Next target is 1810/09....and then the primary zone of 1800/1780..but the longer it takes..the less likely 1780.
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3.15pm...minor chop continues, but the VIX is positive, and 1826 looks like it'll hold as a high for the rest of this week.

AMZN continuing to slide...-3.9%

Metals are weakening, and that is not helping the miners, GDX -3.5%..reversing all of the Tuesday gains.


3.40pm...minor weak chop.....with the inclination to the downside. A close at the low would bode for an especially weak Thursday (despite part'2 of Yellen).

3.45pm...clown finance TV now saying the US senate hearing with Yellen is postponed, probably for a few weeks.

sp' back to flat...a Doji candle on the daily?