Monday 28 April 2014

11am update - market pushing back upward

It has been a pretty choppy start to the week, with failing gains..but then another whipsaw to the upside. It is indeed going to be a very dynamic week in terms of price action. Metals remain weak, Gold -$9, with Silver -0.9%. VIX is battling to hold fractional gains, in the low 14s.


sp'60min


Summary

*I picked up two new long positions, RIG, and SDRL, will seek to hold them for at least a day or two.

Currently, LONG CHK, RIG, SDRL, STX,    and SHORT, SLV (which I'm seeking to drop today, its annoying me).
--

For me, the action in AAPL is probably a tell. If the giant AAPL is picking up some serious underlying upside, then the broader market should be okay...

AAPL, monthly


The low 600s look pretty easy to hit.
--

11.28am.. suffice to say, it remains a bit of a mess this morning.

Momo stocks having real trouble, with AMZN leading the way lower...but...

AAPL is higher, and there are certainly some stronger sectors in the market.
-
Bears just seem to lack any downside power..despite the current minor weakness.

Hourly index charts.. still offer the bears  VIX 15s, with sp'1850/45...but really, that will be real difficult.
-


11.40am.. RIG and SDRL, looking pretty good, and there is noticeable strength in some of the resource stocks out there.

Well, no one can complain..this ain't a dull start to the week!