Wednesday, 12 March 2014

3pm update - chop into the close

US equities remain moderately weak - although the two leaders - Trans/R2K, are both higher by around 0.2%. VIX is similarly reflecting a market that has little concern of anything. Oil remains weak, -1.7%, whilst Gold is +$17.



An interesting day, moderate chance of a close in the sp'1870s, but clearly..not the big down day that some were hoping for.

Two big supports are obviously..1850..and stronger still...1834.

With sig' QE-pomo tomorrow, and considering the MACD (blue bar histogram) cycle...bears face bigger problems tomorrow.

Notable weakness: DRYS, -3.2%..and the recent failure to hold the 50day MA - as I feared, was a reason to leave it alone (although I still like idea of picking up in the summer..possibly in the $2s)

updates into the close...

3.27pm... chop chop...there really isn't much to add.

VIX remains a touch red, and the indexes are just seeing minor weakness.

Bulls should seek a close >1865...the hourly 10MA.

back at the close