Tuesday 11 March 2014

3pm update - moderate weakness

US equity indexes are lower, but in the scheme of things, the declines are still only moderate, and the VIX sure isn't showing any real kick to the upside. Metals are trying to build gains, Gold +$8, although Copper looks set for a daily close <$3.


sp'daily5


Summary

Action in the indexes is a touch interesting...but really....

The real action is in the hysteria that is PLUG

Clown finance TV has just brought on some guest who is claiming 'fair value' 50 cents, bring up such obvious issues as 'it doesn't make any money'.

PLUG, daily



The black-fail candle in the morning on the daily was a warning of trouble..and we are now seeing herd bail...but the exit door is too small.  We've seen two very rare..intraday gap downs.

There can be no excuse for anyone being surprised by this implosion.
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3.01pm.. The R2K....which is now significantly lower...


However, I'd only consider a problem below <1180..so..6pts of buffer zone left.


3.39pm...moderate declines, but there just isn't the downside power...and we're now vulnerable to pushing back up...to probable...new highs.

meanwhile..PLUG -36%  (low so far..-41%).

I wonder how many were chasing it higher this morning in the $11s, and are now vainly still holding long..with hopes of a rebound on Thursday earnings?