Thursday 13 March 2014

1pm update - marginally interesting

Equities are surprisingly somewhat weak, and we've seen a significant swing from sp'1874 to 1852 - breaking the Wednesday low. Next key supports are 1850 and 1834. VIX is 8% higher, but still..we're only talking about the mid teens.


sp'60min


Summary

Okay..I am indeed somewhat surprised at the continued declines.

As it is, I still don't see the 'downside power'..this is more a case of 'no one wants to buy >1870'.
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Regardless, I remain focused on the FOMC of next Wednesday.
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Notable weakness: RIG -3.8%, UAL -2.5%, BTU -2.1%

Metals are starting to climb, Gold +$6, and that is helping the miners, GDX +2%.


1.01pm.. bullish engulfing candle on the VIX....suggestive that 1834 is viable tomorrow...


Hmmmm ..starting to get interesting. VIX 17s tomorrow?


1.04pm.. 1850 FAILS....next up......... 1834...which really is a big level. 

1.23pm.. market trying to re-take and hold 1850...but the damage has been done.

The 1835/30 zone seems viable tomorrow...which is pretty close to the 50 day MA.