Wednesday, 7 May 2014

1pm update - cherry pick your indexes

Whilst the broader market is moderately higher, today is a classic instance where many are back to cherry picking their indexes as representative of the overall market. Equity bulls are looking to the Dow, whilst bears are looking to the R2K. Take your pick.

Dow, daily

R2K, daily


To be clear, considering the broader array of indexes and indicators that I follow, near term pressure looks to be UP.

I sure will not be attempting any shorts for some time yet.

The VIX is not showing any significant upside power, and thus I can't take any of the index weakness - including the R2K, seriously.